HMDI or component cables?

I recently purchased a Sony S-350 Bluray DVD player. I have only one HDMI port on my LCD TV which is connected to my Cable DVR box. Should I disconnect the Cable DVR box from the HDMI port and use component cables to connect to the TV and use the HDMI port to connect to the Bluray DVD Player? My other thought was to purchase a monoprice 5x1 HDMI switcher and connect both cable box and bluray player via HDMI cables . Please advise??

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