Thanks. Man those things are cheap! $300 for a 604B.

I think I'm going to give the Yamaha V661 a shot. I've found out the following from owner threads at AVS. Those threads are hard to follow and one has to weed out the BS, but there are usually a few folks who really know what they're talking about.

Onkyo 604B ($300+ shipping)

Will accept HDMI audio formats up to 5.1. It will not apply any post processing the matrix 7.1.
It has no pre-outs.
It will pass 1080P video no problem.
It's cheap.
No video up-conversion.

Onkyo 674B ($429+shipping)

Same as the 604 but have some video processing.
Has Pre=outs.
Not quite as cheap, but still cheap.

Yamaha V661 ($500 shipped)

Same as the 604 but has pre-outs.
No video processing.
Will accept up to 7.1 PCM audio from HDMI
Will matrix 5.1 PCM into 7.1.
Will pass 1080P


I think I'm going for the Yamaha.