While not a tremendous issue, it does require that you are buying HDMI cables and digital audio cables and making the extra connections. You do not get to take advantage of HD audio formats available to Blu-ray Disc which may also trouble you, but may not matter if your speakers and room can't deliver the quality.
But, the price for the cables might just push you close enough to warrant just getting an A/V receiver which decodes audio.
I like Denon a lot and their AVR-1610 will do HD audio and gives you 3 HDMI inputs and some component inputs with video conversion to HDMI to simplify your setup. About $300 online.