There's no reason to require bitstreaming of DTS or Dolby. As long as the player can decode all the formats into multi-channel PCM, and the HDMI interface on the machine can output that, you'll be getting everything you'd get with the bitstream, except for the light on your receiver. The sound quality is the same.

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