If I am shooting/recording in 720 24p, what is coming out
of the HD analog component out from the camera? 720 60p?

If I am shooting/recording in 720 24p, what is coming out
of the HD analog component out from the camera? 720 60p?
That is correct. The 24 frames are output in a 2:3 cadance over 60p.

Actually, that's incorrect.

The output is indeed 720p60, but there are 48 separate progressive frames captured from the imager in that 60p stream. Half of those 48 frames are discarded in what is written to tape.

The 48 progressive frames are output the 60p analog signal in a 1:1:1:2 pattern, which is difficult to remove. The only software savvy enough to remove it as far as I know is the Cineform products.

Sorry, I misread the question. He mentioned "recording," so I assumed he meant after recording (upon playback). That is when only 24 frames are output over 60p.

What Nate says is correct, however, DURING recording. Then there are 48 unique frames coming out of the analog connector in a 1:1:1:2 cadance.