There is no audible advantage to bitstreaming HD audio. The only reasons for it are for peace of mind (seeing the logos on the receiver light up) and if for some reason the player can't decode the format itself. In the case of the PS3 it still doesn't decode DTS-HD, but there has been much discussion about the firmware update allowing it to process DTS-HD.
Don't forget that when you bitstream you lose secondary audio (menu sounds, picture in picture commentaries, etc...) when you bitstream to a receiver or processor. As long as the audio is still in the digital domain the receiver's post processing procedures can still be carried out, unless you have an earlier HDMI receiver that has funky limitations such as no DPL IIx processing. Other post processing includes EQ, bass management, and distances.
