Tried the WDTV Live, I was told that would do what I wanted, it didn't.
I've ordered an
ACRyan PlayOn Mini from Scan. It's a brand new device based on existing model, but it will output on HDMI, Component & Composite. They are also trying to integrate YAMJ into the firmware which will be a bonus, so I have high hopes.
According to its own FAQ ....
"Can Playon!HD display simulteneously more screens each on its various video output connectors? ....
Yes, you can connect 3 TV screens each on the HDMI, Composite and Component video output.
The Composite ouput will display in PAL/NTSC (auto) irregardless of resolution settings in the Playon!HD. This means you can set Playon!HD at 1080p/60Hz for your LCDTV connected on HDMI, and on your Composite output you can connect a 2nd (cheaper? older?)TV screen irregardless what resolution it supports. For Component output, the output will be in the resolution set in the Playon!HD."
Hopefully I will get one as soon as they are available and I'll update this thread.