Given the fact that the 705 decodes the Hi-def audio on it's own; you have little need for the MC analog outputs.
Take a serious look at the Panny BD35.
That might even be overkill. Other choices include
Samsung BD-P1400 (profile 1.0 only and sloooow) for like $100 or so on E-bay
Panny DMP-BD30 (profile 1.1 only)
Samsung BD-1500 like $200 if you know where to look
Samsung BD-P2500 or BD-P2550 (Netflix streaming and Pandora) -- best upscalers of this bunch and better than the Panny DMP-BD35
LG BD300 (Netflix streaming and Divx)
Funai clones (Insignia, Magnavox, Emerson, Philips) (profile 1.1 only)
Memorex
That $700 profile 1.1 Denon transport (okay now I'm only kidding)
Sony BDP-S350 (also deserves serious consideration if it's cheaper than the Panny)