OK the WDTV LIve and the WDTV Live are functionally the same except for Netflix.
On the WDTV Live component setup page you can only select:
480p 60Hz
576p 50Hz
720p 50Hz
720p 60Hz
1080i 50Hz
1080i 60Hz
The WD adviser is making reference to a page that is not specific to component. Yes the WDTV can support 480i and 576i but only it seems on the composite output. (as both these resolutions are the standard for either NTSC or PAL).
Hope this answers your question.