Is HDMI worth It in term of sound quality?

What do you as which is a better receiver - Pioneer SC35 or Arcam AVR350?

If I was going to go old school with no hdmi, I would grab a Anthem. Full bass management over analog inputs. Can grab one around $300-$600(20 or 30)

The B&K gears good too.

I wouldnt go the receiver route, but thats just me

I have a Pioneer Elite 59 DVI (DVD_a, SACD, no Blu Ray). It has an i link. I just bought a Pioneer receiver that accepts i-link (NO HDMI connections). The sound is great.
firewire will beat HDMI or any digital or analog connection everytime. I would go
that route and not worry about whether you need a receiver, seperates, etc.

Thanks for all responses. I ended up getting a used Anthem AVM20. The surround processing is fantastic, but with 2 channel music reproduction, it leaves me a bit cold. Stereo is actually very clean, nice soundstage, but I can't seem to connect with it emotionally. Is it me or Canadian stuffs tend to be a bit cold and detached? I once had a Classe DAC1 though very smooth and refine, left me a bit cold as well. I had a pair of PSB speakers and they could be cold sounding if not partner carefully. I listened to various Energy speakers and the same can be said. I am currently using a Sim Audio W3 amp and though very musical but if not partnered carefully could be lean sounding and analytical. Maybe I should find a warmer sounding amp to work with the Anthem.