TrueHD and DTS-MA are Dolby and DTS's versions of lossless audio codecs. LPCM is lossless PCM (just like on a CD but at higher sampling/bit rates). Dolby TrueHD is very similar to the MLP found on DVD-A's. This is not like DVD where DTS-MA is better than Dolby TrueHD. DTS-MA=DolbyTrueHD=PCM. Others will argue that one sounds better than the other. That's crap. Ignore it.
http://en.wikipedia.org/wiki/Dolby_TrueHD
http://en.wikipedia.org/wiki/DTS-HD_Master_Audio
Bitstreaming is allowing your receiver rather than your player to internally decode audio codecs like DTS, Dolby Digital, Dolby Digital Plus, DTS-HD, (lossless) Dolby TrueHD and (lossless) DTS-MA. Many say that it's better to have the receiver decode rather than the player. IMHO, that's crap. However, there are various schools of thought on that one. The jury's still out. What does matter that if you bitstream a modern HD DVD or Blu-Ray disc with a lossless PictureinPicture (PiP) track, you can't hear the audio as receivers (AFAIK) can't process mixed streams for whatever reason. (This is why I prefer decoding in the player.)
http://www.ultimateavmag.com/surroundsoundpreampprocessors/1007anthem/index1.html
Firmware updates? It completely depends on the player. All HD DVD players, the PS3 and some Blu-Ray standalones are capable of downloading firmware updates via the Ethernet ports through the Internet. Others require you to burn an ISO image to a CD. (It's way easier than it reads.) The LG BH200 is nice enough to do the above methods as well as read firmware update from a USB key. As a result, you're not wasting a blank CD at $0.20 a pop.
Honestly, all the Blu-Ray players are crap (An opinion shared by many!) right now except the PS3. The LG BH200 would be a good candidate if it would fix ALL of its playback issues (major) and internally decode DTS-MA (minor--only an issue for Fox, New Line and European imports). I would wait a few more months. Sony and Panny are both coming out with profile 2.0 players with 5.1 multichannel analog outs. Oppo may release a player in the near future as well.