Transcoding HDMI to component would be an impressive feature if it existed, but so far I haven't seen any products do it. If the 997 could do it, I'd sort of expect them to be shouting it from the rooftops - or, conversely, trying real hard not to tell anyone for fear of bringing down the wrath of studios whose fear of the "analog hole" made the process difficult to begin with...

We'll have to wait to see what the final product can do, but it is possible that you could assign HDMI to an input for audio and component for video. There will be an HDCP issue, of course, but you should still get audio (the lack of a handshake will just mean no HDMI video, which you can't use anyway).