I borrowed this from another forum, hope the OP doesn't mind.
"Current HDMI 1.1 can handle 8 channels of 192/24 PCM digital audio. That's more than enough to deliver full resolution of any of the HD audio codecs."
"The only thing that HDMI 1.3 allows that HDMI 1.1 doesn't is transmitting of HD audio codecs in their native bitstream (i.e., not converted to hi-rez PCM in the player). But that's completely useless until decoders for those codecs are built into receivers and pre-pros. So there is no advantage (sonically or otherwise) to HDMI 1.3 compared to the current HDMI 1.1 version being used."geoh