imo, you'd be better off with a player that can decode the codecs and then send LPCM to the receiver via HDMI to use the (most likely) superior DACs in the receiver. If you have it decode the codecs in the receiver (i.e., bitstream out of the Blu-Ray player) then you have an issue where you can't listen to certain secondary streams with lossless audio. See a good summary here:
http://www.soundadviceblog.com/?page_id=1140
http://www.soundadviceblog.com/?page_id=1140