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My current tv only has enough component ports to plug one such device (either my Wii of XBox 360) at a time. I am hoping to get some sort of splitter so that I don't have to plug/unplug cables all the time. Having never bought any sort of AV splitter before, what sort of things should I look for or keep in mind. I know absolutely nothing about this subject.
Ideally, I'd also like to have my PS2 and SNES (both composite) connected to the splitter as well.
You can buy component splitters. You can get ones that can read an IR signal (so they'll switch when you press a device key on your remote), ones that have an Ethernet switch built in, ones with their own remotes. You should do some research before you purchase one.
As for your PS2, you should get a component cable for it. One of the PS3 component cables should work, since it uses the standard PS multi-out.
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http://cgi.ebay.com/PHILIPS-PH61150-4-WAY-AV-SWITCHER-NEW_W0QQitemZ360033534123QQihZ023QQcategoryZ73390QQssPageNameZWDVWQQrdZ1QQcmdZViewItem
(not my auction; just the first result I could find that was the same as mine)
It works great... I use it just for S-video and have a few manual switches as well.
As for your PS2, you should get a component cable for it. One of the PS3 component cables should work, since it uses the standard PS multi-out.