Ok.. Thanks to all that offered up some great advice. I was able to prove the HDMI upon plug-in does not shut off the 5.1/7.1 analog outputs.
So I have decided on the Panny DMP BD80. It looks as this player will fill both my movie and music needs and be within budget as well. I would of like'd to made use of an Oppo BDP83 invite I received, but I couldn't get the $500 past my CFO (a.k.a. wife) especially after the couple grand spent on the TV.
Thanks again all.
E.