Component is able to push 1080p from the PS3 to your TV. Not all TV's can recieve 1080p from component cables.
If your PS3 can output 1080p for Gran Turismo HD then your PS3 can output 1080p for Blu-Ray. Same with your TV. If it'll accept GTHD at 1080p then theres no reason why it wouldn't take Blu-Ray at 1080p.
i have a 42in pioneer plasma... ive play that demo back when i got the ps3 1/20/07..im at 1.31 so cant try it now..i updated my ps3 2weeks ago 2 c that folding@home but it was bs so i took it back and got the 1.31... but i have 5 br dvd's and they play 1080p. i cant remember about the game but i had the demo playn just fine b4.
Monoprice is a good place to buy accessories! You should get 3" or 6" Gold Plated HDMI Cable because last time I bought 15" and its too long to connect my PS3 to Sony Wega 55" HDTV LCD. Its all about HDMI that deliver 1080p for Blu-Ray Games and Movies! I'm planing to buy my own Sony Bravia 46" LCD HDTV that support 1080p.