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It depends on the cable box. If the content is protected via HDCP, then it MUST be played back via HDMI. This means the ability to play back via component will be disabled since they can't manage HDCP over component.
You should be able to verify this pretty easily by plugging the component connections into a TV and seeing if you get picture.
Is there an HDMI connection on your monitor/projector? Probably would be your best bet...
EDIT: Just saw this in the tech specs of the link you posted:
Compatibility The HDMI standard sometimes includes copy protection encryption, such as commonly found on DVD players and some brands of set top boxes. When connected to these copy protected sources, the HDMI specification defines that Intensity cards cannot capture. Always confirm copyright ownership before capture or distribution of content. Intensity media file formats are fully compatible with DeckLink and Multibridge capture cards. Compatible with Microsoft Windows™ and Apple Intel based Mac Pro systems. Apple Power PC systems are not yet supported.
Doesn't sound like the card supports HDCP either...
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