Get the PS3 Slim. The 7/5.1 analog outs are a bandage at best. Just run the HDMI to the TV, and let it auto configure, when asked for the audio pick the optical port, and have it run to the receiver. Set the audio to bitstream. You'll have 90%+ of the quality of the lossless codecs without the headache of the multiple cables, and poor bass management.

Pioneer PDP-5020FD, Marantz SR6011
Axiom M5HP, VP160HP, QS8
Sony PS4, surround backs
-Chris