All switchers (including AV Receivers) that are labeled 1.3 can switch whatever the source (such as a Blu-Ray player) provides

HDMI switchers are like any other HDMI device in that they may or may not support certain features - eg 1080p, deep color, HD audio etc.  In order to keep costs down, some of the ‘entry’ AV Receivers that do HDMI switching only switch the video of HDMI and do not extract the audio for throughput to the surround sound processor.  It is recommended to check the specifications with the manufacturer to see which features are supported.

I must have all equipment the same HDMI version number in order for everything to work

HDMI versions are backwards compatible.  Instead of version numbers, it is recommended that you look at feature support.  If it is not listed in the specifications then it is unlikely to support that feature.  This also applies to all 1.3 products.  It is possible to have a device that is HDMI 1.3 compliant, but without advanced features such as ‘Deep Color’.

Component Video is a better video format than HDMI

HDMI offers many benefits over Component Video as a video format.  Examples such as pixel for pixel mapping are not possible with Component Video, allowing for more detail when available.    There is also potential for better contrast and color saturation with the digital bitstream of HDMI.  There is also less potential for loss with the digital – analog – digital conversion that is required for Component Video.

It is true that individual results do vary, but this is due to the many variables in equipment, such as the quality of the digital processing in the source. Many displays do an excellent job of scaling and processing a component video signal, making differences subjectively little. However, it is a fact that video over HDMI has the potential of giving a better picture. Besides video, there are many other advantages available to the HDMI format such as audio, device control, auto detection of settings and widespread industry support. Furthermore the new features available with the HDMI 1.3 specification, such as Deep Color and xvYCC color space (see below) cannot be supported by Component Video.

HDMI can not be run over long distances reliably

Due to the nature of extremely high bandwidth signals carried by HDMI cables there have been some issues, especially early on in carrying 1080p signals further than around 5m.  Recent developments in cable stock and termination methods have allowed 1080p to be carried over 15m with a passive cable.  Developments in active cables, HDMI – CAT6 or optical converters have allowed these same signals to cover distances of over 50m.  All cables should at least support 720p/1080i.  Check with the manufacturer for support beyond this resolution.

Displays that support 120Hz need the other equipment to support 120Hz in order for it to work.

120Hz processing is done internally in the display from a 60Hz signal.  Thus, if the other equipment (including cable) supports 60Hz at a given resolution, you should have no issues. For the most part, claims oif 120Hz support in HDMI cables is marketing spin.

'x.v.Color' or 'xvYCC' is the same thing as 'Deep Color'

x.v.Color, also known as xvYCC actually refers to the color space, pushing available colors in the spectrum of light beyond the boundaries set in RGB or YCbCr to include the entire spectrum visible to the human eye.  Deep Color allows greater shades or tonal range between colors.  In simple terms, an example may be that Deep Color allows many more shades between a light green and a dark green.  x.v.Color may allow you to see a bright fluorescent green not previously displayed.