I myself was enjoying uncompressed 7.1 pcm from my Panasonic to my Pioneer via the 7.1 multi-channel outputs on the Panasonic into the multi-channel inputs on the Pioneer. Of course HDMI can do the same thing and it's nice not to have 8 analog audio cables going from your player to your receiver, but it's also nice not to have to junk an perfectly good, if slightly dated receiver.
In truth, as long as the manufacturers don't abandon multi-channel outputs and the ability to decode the new audio codecs on the players, then HDMI is largely unnecessary for audio. Of course, there are only a couple players even available right now with 7.1 multi-channel outputs and the Panasonic DMP-BD10A is one of them. Most only have 5.1 channel outputs.