Yeah that's a good question, I believe, if you're using analog out, it is truly analog out. But me, I would rather run one HDMI cable out of a DVD player, rather then five analog RCA cables. I will say this, I tried that years ago with my Oppo 105 And the dac's in the Oppo are great sounding. I wish I grabbed a Oppo 205 when they were still in the business.