Not if your player can decode the tracks for you (i.e. Send Multi-Channel PCM over HDMI). Any Reciever with HDMI 1.1 can take PCM. Some however, will not matrix a 5.1 PCM signal into 7.1 however (for example Onkyo 605).
As for reciever vs. player decoding, I don't have anything besides the PS3 (which can't bitstream the lossless tracks). However, I don't notice much difference when I take a Legacy DD or DTS track and send bitstream or PCM from the PS3. It sounds slightly different, but I can't say either is better or worse.