Flickering colors on Component connection - anyone else experiencing this?

I've noticed that the output of my Apple TV seems to have a flickering quality to it.
It's particularly noticeable when viewing reds in photos, or the blues in the Apple TV menu GUI.
Other devices connected to the TV don't have this issue, so I don't believe it's the TV or receiver that's the problem.
The unit is connected via Component video on 480i.
The image is stable, but the brightness of the colors seems to fluctuate up and down fairly rapidly. The reds also seem fairly saturated.
Not a huge issue, but a little annoying to watch. I'm thinking of dropping in to the local genius bar to see what they make of it.

As an update, I exchanged the original unit at the Apple store where purchased. The new unit suffers none of the issues mentioned above, so it seems I was just unlucky first time around.

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