I'm sure they make capture cards that accept component video, but most people here either want the direct stream ripped straight from the Internet on a computer, or nothing at all.

But now that I've had a little more experience with Netflix in HD, I see that there are other obstacles to overcome that no one has mentioned: Netflix on 360 is pretty awful. Besides the fact that the UI is terrible and there is no way to change any of the options, the streaming quality is very erratic...I suppose you'd have to take multiple captures and splice them together, hoping that the picture (and sound) quality doesn't always drop in the same spots.

I don't know if it's the same way on PS3, but considering that it's a Sony product, I would be willing to bet that PS3 has the DRM where you have to use HDMI or it will only output in lower resolution.

Although if one doesn't mind spending the money, they do make HDCP strippers, like the HDFury.