For a regular TV a receiver handling video might not be necessary, but for those with or who plan to get projectors it can be a big help. WAF might not allow 3-4 sets of cables running 20-30', but one small hidden HDMI cable may not be a problem. Otherwise I agree, I want my video to be as pure as possible from source to output device.
As far as HDMI, it still has its quirks but if you get devices that all support at least 1.1 or later there shouldn't be any problems. The majority of the headaches comes from older devices like cable boxes that 'support' HDMI but haven't had any firmware or hardware revisions since the format was first released.
