I know Joe has covered most of the questions here but I thought I might aswell add something to see if I can help a little.
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a) how i can get good quality HD video over a component feed,(ie Cat5 and coax) when most of you constantly refer to HDMI as the way to go
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Component is just as sufficient as HDMI for various sources, HDMI is particular useful for carrying sound in this case as most component baluns only carry a digital coax alongside. This can be quite frustrating when connecting it to most Televisions as they don't all have a Coax input on the back. The only way I know of round this is to convert it to Mono. This could very well be a moot point, if you're running multi room audio also
If you wish to take the HDMI route, expect it be riddled with issues and a great deal of expense if care isn't taken when running it through the house. As covered already though, the way round this is more runs of Cat5e
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b) how good will my sound be if i dont run high quality speaker cable from the receiver - he thinks high quality cable is overrated and expects to go for somehting else much cheaper.(but good cable over 15m runs will be pricey).
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If these are ceiling mounted speakers to go with the opus, then I would say that high end speaker cable such as QED wouldn't be worth it as it's costly and probably won't improve much on what you can hear. So long as it's not 13 strand 25p a metre jobby then you should be safe. I would go with lengths of 42 strand myself as it's not likely to be too thin or too thick to install within the walls.
It's hard to say. Component has been used by SkyHD since it launched last year and can supply a very good picture to whatever it is plugged into. In this case I would consider component to be the safer option with Cat5e runs throughout the house. It can also carry a 1080p signal, yet a lot of TV's don't support 1080p over component (although VGA is sometimes an exception)
However, although I think it's unlikely myself, HDCP could play a major role later in life once SkyHD really gets rolling.
As for the comments about the Opus 500. I would recommend taking a look at Speakercraft. The Opus 500 system has various teething problems with the text units that can connect to them. Have a look around, do a bit of research and make your own choice on this one IMO.