Question on Home Entertainment systems

[Slick Fork]

So Santa was good this year and brought us our first new television in 10 years and wow is the picture ever fantastic. We got the Bravia WL 40" series (1080p, 120hz) so now i'm trying to figure out the best way to hook everything up.

The only peripherals we have is a Nintendo Wii, a 2 year old DVD player with S-video and the fancy component input and a satellite TV box with S-video/coaxial/or basic red white yellow component input. The TV has only one s-video port so I was hoping to put the dvd player on the fancy component input and the cable box to S-Video but I went out looking for the component input cords and they were like $50. Not really wanting to pay $50 for cables when odds are I will buy a blu-ray in the next year so I have maybe a goofy question, could I use the basic component cable (red yellow white) to connect the 3 ports in the higher end component (Y,PR,PB) or is it a completely different cable???

Also, a quick question on Blu-Ray, I looked at a few on boxing day sales and noticed that while you can pick up a Blu-Ray player for anywhere from $199, I saw HDMI cables for $150??? I thought, are you kidding me... they expect you to pay as much for the cable as the machine itself? I also noticed different rated HDMI 750, 850, 1000, etc. Is there a real difference?

And for those of you who already have Blu-Ray, do you feel it was worth the jump yet or should a guy wait a while?

Thanks