Skerdi, long time no see. Yes, the PCM indication on your receiver is correct. Since the player is decoding the True HD or Master HD to PCM, the receiver has no way of knowing how it originally started out before being decoded. You're getting whatever audio quality may or may not be present in the Blu-ray. As Chris mentioned, the audio difference between the loss-less formats and the improved lossy DD and DTS content has been shown in blind testing to be nearly indistinguishable, so don't expect to hear a significant difference unless the particular disc wasn't processed equally well.
