If the analog stuff in either player or receiver are comparable, then HDMI wins IMO for some other related/unrelated reasons.
There does not exist a player, at least that I know of, that can matrix or apply any kind of post processing to the analog outputs.
This means that to benefit from the rears in a 7.1 configuration, the disc itself must be natively in 7.1.
A receiver cannot apply matrixing or post processing to the mch analog inputs, AFAIK, but maybe there's an exception out there. However, if there does indeed exist exceptions, they would probably have to turn it into digital, add processing, turn it back to analog.
Lastly, you are reliant on the bass mgmt on the player itself, which for most is pretty rudimentary and/or inflexible.
Nutshell: HDMI wins.