You will get the same benefit through 4.1 as you would 7.1... the big difference of the new lossless formats, is just that, lossless, no compression of audio signal. Just keep in mind that you are using the DAC's of the blu-ray player instead of the receiver, and many BR players does not include the best dac's... Denon makes a very expensive model that sounds amazing through analog outputs, but Oppo BDP-83 sounds really decent for not too much money, I would recommend that one highly