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I wouldn't worry about it

Unless you have a super-expensive receiver, it's easier to buy the Onkyo 605 (<$499, Nebraska Furniture Mart) which has the HDMI 1.3x TrueHD and DTS HD MA and make someone else happy with your cast-off! This Onkyo got a very favorable mention in passing in the latest Stereophile.

BTW, even if Gefen made an HDMI->high-def audio conversion device, it would probably cost almost as much.

As for 5.1 analog output, it's not clear to me whether the typical HD DVD / Blu-Ray player can output it's highest-quality audio in this manner, or whether the hardware is all that great-sounding to begin with. Someday when I've got nothing better to do, I will hook up my Toshiba HD DVD to the 2-channel system and see how it fares with music via the analog outs.

For better or worse, PS/3 defines the Blu-Ray state of the art, and if someone dares to add features that the PS/3 can't utilize, they've already lost most of their potential audience. Even things like B-D Profile 1.1: Either PS/3 will be firmware-upgradeable to support it, else that standard likely doesn't stand a chance. Either way, I'm covered ;-)

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