No, because I still need something to decode the surround sound (DTS-HD MA, TrueHD) and manage the bass (Subs).
One time I tried a $300 sound card that decoded DTS-HD MA and Dolby TrueHD and output via PCM to my Denon. I remember getting it to work on the movie "Watchmen". Unfortunately, it didn't sound very good. Bitstream sounded much better.
So I'm not sure about PC doing that decoding and bass management.
I don't know.
What I do know is, I am able to get this Yamaha pre-pro to sound great. And I don't want to change that.