ATV3 - setup without HDMI.  One available is being used for cable box.

What is the best way to hook up my new Apple TV3.  Just arrived and can't believe I have to wait and figure this out.
I do not have a HDMI slot available.  Our TV has one HDMI slot that is being used for our cable. 
What are the best options ot look at to get this all to work? 
Potential options include
1.  Splitting HDMI (if this works and is possible).  Best way to do this?
2.  Switching my cable over to component (not sure I want to do this). 
3.  What else?
Many thanks

Switching your cable box to component video (NOT "composite") is an outstanding idea. You will also have to connect audio cables between your STB and TV. As long as the analog hole remains available, you will not notice any loss of quality compared to the HDMI connection. Just configure your cable box to output 1080i or 720p all the time, whatever is appropriate for your TV. In fact, I have a Sony TV that emits loud pops when changing channels while the cable box is hooked up to it via HDMI, but it's nice and silent when using the analog connections.

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