HDMI or Component

Now i know this is going to be VERY out of date, but i just got an HD tv. It's only 720p, but i've been holding off on getting an HD because many of the ones i've played on have a noticeable button lag. And i can't STAND that. But i noticed that this TV has one that is very slight. I'm using the component cables, and i'm wondering if that has something to do with it. Which do you use and which is better?

I doubt that the cables have much to do with the video transmission (Although it's worth a shot).

Play around with the menus and try to see if your TV has a "Game Mode" or something. Most HDTVs have it, and even though it degrades the video quality, it helps lower the button lag.