Note that HDMI cables are digital. It's very basic information - an electric signal that is either there, or it isn't. With the exception of a defective cable, all HDMI will transmit picture and sound equally well.
Component cables are transmitting analog signals. The quality of cable is much more important. But you probably don't need to go overboard. There might be a noticeable difference between $8 cables and $40 cables. But unless you are the type who hires professional to come out and tweak the settings on your TV, you probably aren't going to notice the difference between $40 cables and $150 cables.