I think the advantage will come when we start to see receivers that can handle HDMI video/audio switching.
Assuming your TV, and all your sources are HDMI capable, it will only take one cable, each, from your DVD and Cable/Sat box to the receiver, and another from your receiver to your TV for both audio and video As it is now, we must run separate audio and video cables to and from the above mentioned equipment.
If you wish to send all your video directly to the TV, bypassing the receiver, this advantage will be negated, as you'll still be running separate video cables from each source to the TV or a switch, and separate audio cables to the receiver.
