so from this we can tell it will support 4k 120hz, VRR, ALLM even while outputting to two other hdmi outs. We can’t tell if it’ll support HDR and Dolby vision at those rates - wish they just showed what the Xbox video settings see, but there’s no reason it shouldn’t since 40 gbps is sufficient.
It's not clear whether the demo showed 8-bit or 10-bit picture and in which colour space.
It's perfectly possible that this was 4K/120 8-bit 4-2-0 signal, which could work on HDMI 2.0 ports at 18 Gbps, without even engaging FRL data protocol for higher bandwidth introduced by 2.1 spec.
Last year, in Sound United's demo videos, Phil Jones clearly showed 40 Gbps signal being fed into AVRs, with entire breakdown on resolution, refresh rate, bit depth, colour space, dynamic range and other features. You could clearly see 4K/120 10-bit HDR RGB VRR ALLM on one simple screen, all together. Yamaha has some learning to do for future demoes.
It's not enough to say that your friends could watch a football match on patio on the second screen. Man, just show us the tech spec, please... so that we can see that demo software actually delivers. This would give a greater reassurance to owners.