Very tempted to buy a new Mac mini in a few weeks but my tv only has component HD input (480p-720p-1080i). If i were to purchase a Dvi to Component cable for the mini will it work properly on my tv.
I'll give you a "probably not". There's a thread going on over at AVS Forum in the Mac HTPC section about this. Not much luck in finding a DVI-to-component adapter that works on the Mini yet:
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