In this paper, we consider the channel assignment problem in single radio multi-channel mobile ad-hoc networks. Specifically, we investigate the granularity of channel assignment decisions that gives the best trade-off in terms of performance and complexity. We present a new granularity for channel assignment that we refer to as component level channel assignment. The strategy is relatively simple, and is characterized by several impressive practical advantages. We also show that the theoretical performance of the component based channel assignment strategy does not lag significantly behind the optimal possible performance, and perhaps more importantly we show that when coupled with its several practical advantages, it significantly outperforms other strategies under most network conditions.