Yes, both the Sony BDP-S1 and S300 have 5.1 Analog LPCM. But neither one of them have bass managment or speaker management. For example, it will not allow you to fine tune the individual speaker levels (dBA). It will not let you specify whether your speaker is Small, Large, or No Speaker Present. It will not allow you to adjust the subwoofer level. It will not allow you to specify the crossover (40 Hz, 80 Hz, 100 Hz, etc.) for bass management. It will not allow you to adjust the time-delay (speaker distance).
So basically, you would need an external processor to do all this because none of the Sony BD players can do it.