Quick update. I decided to go all out and buy a Pioneer BDP-09FD, which allegedly sets the standard for blu ray analog multi channel out. To hedge my bet I got it at a price I could resell it for, in case it disappointed. The Pioneer analog setup completely blows away the Denon over HDMI, and I am now more than ever convinced Hi Rez audio over HDMI packaged with the video signal is a fatally flawed architecture (in its current implementation). I do not understand what these reviewers (I read multiple touting the audio quality of the Denon 2500) were smoking. It is not even close to the Pioneer analog route. What I also don't understand is why every high end home theater store runs HDMI from 3K players into 8K processors in 30K systems, settle for crappy audio, when all it takes is 6 analog cables and a processor with a good multi channel analog bypass mode. Very puzzling. The other things that puzzles me is why my Sony XA54000ES over HDMI sounds so good. Must be the DSD direct bitstream..... Anyway, my Pioneer stays - analog is back and look for a Denon 2500 listed on Audiogon soon....