You need to change over to component.
I thought it would be a pain when I got mine but I just play on Component all the time now. 720p isnt that much different to 1080p, you tend to not notice it after a little while. Theres a little bit of extra shadow, you notice it at the main menu, but thats about it.
Its a little annoying when your TV automatically goes onto HDMI sometimes and you have to change your settings back to component again, but I reckon if you just take out the HDMI it will play on component every time anyway...