I've been keeping an eye on PS3 for a blue ray player, so I can answer a couple of your questions.
PS3 can not send a DD True HD or DTS Master Audio stream to another component via any cable. It can decode these internally, and output them as PCM over HDMI (at 7.1 I believe).
It can bitstream undecoded 5.1 over HDMI for decoding by the reciever.
The optical audio can only do 5.1, including I believe decoded DD HD or DTS Master Audio, but can't say for certain
The PS3 doesn't have 5.1/7.1 analog audio outputs.
This is the best link I've found, which describes the current (April/May 2008) capabilities of the PS3.
What's on HDTVKarlman
