Analog video is on the way out. Blu-ray players and discs both will be limiting you to HDMI only in the future.
Most Blu-ray fans really won't be affected by the news that they won't be able to use component cables any more, but for those with existing component setups, in-wall installations or more lengthy cable runs, the news is big.
New Blu-ray players - those announced after January 1, 2011 - will only output HD via the HDMI output. Component and composite outputs are still included, but you'll only be getting a standard definition picture, up to 540p.
If you're worried about losing your analog outputs altogether, your concern is justified. Starting in 2013, players will output via HDMI and nothing else.