Here is what the manual says about the component output:

Analog component output
720P, 1080i, 480i format monitors supported
Y: 1.0 V [p-p], 75 Ω
P/P: 0.7 V [p-p], 75 Ω

It doesn't mention anything about the color quantization - does this mean it will be the standard 8-bit?

Thanks,
-C

Yes it sure is.