I'm a bit confused about that and couldn't find any clear answers.
I'm wondering what will happen to the HD audio content once it goes through a "regular" receiver?
HD/BD player to Non HDMI receiver = ?
HD/BD player to HDMI but not HD receiver = ?
Your pretty much on target. If your trying to play the lossless codecs through S/PDIF, you'll get a down-rezzed version. TrueHD will become a form of DD (usually) and DTS-HD MA will become a (usually) 1.5mbs DTS core stream. There is no way to get TrueHD, DTS-HD MA or uncompressed PCM over S/PDIF.
It can't be done.
If you have HDMI reciever that won't decode the lossless codecs (i.e HDMI 1.1 or 1.2) then you may have some additional options
if the player can decode the formats and send them as a PCM (which only requries HDMI 1.1). Some players can do this, some cannot. For example the PS3 will decode TrueHD this way, but not DTS-HD MA. Look carefully into a player before buying.
In addition, some BR's, and maybe HD-DVD's (I don't own an HD-DVD player), come with an uncompressed PCM track. If this is the case, HDMI 1.1 will suffice, as your reciever only sees PCM.
The only way you could possibly get the lossless audio is to use the analog multichannel inputs on your preamp or reciever that you use for SACD or DVD-A. However, you will need a player that can decode the formats and send them via the analog outputs. I believe the upcoming Panasonic DMP-BD50 will do this.
Good luck, it's no wonder good ol' Joe Six Pack can't figure this stuff out!
