The decision has gotten more expensive (and complicated.) A couple of days ago I saw a write-up for the new Pioneer VSX-1020-K AV Receiver. I was intrigued by the promise of iPhone integration (and control!) and then I saw the 1080p video conversion mentioned and it occurred to me; this can do video switching (duh!)
Okay, I'm an idiot; my current AV receiver does have video inputs; but they are composite and S-Video (not component) so I never thought to hook that up and use it to switch the video back when I installed it five years ago, and so I never thought about replacing the AV with something more HD ready.
The pros of this solution - one less box, one less remote, a lot more inputs, and the cool looking iPhone app - are negated somewhat by the price tag. Essentially I'm looking at spending $500 more than if I got the component switch.
It's up for preorder at Amazon, expected in April. One of you needs to buy one and tell me what you think of it...