And not every receiver treats bitstream'ed information the same way. For example, Marantz cannot apply Audyssey to bitstreamed high def audio.

So in theory, LPCM == bitstreamed. But in reality, other factors can play a role. This may also explain the never ending debate about "PCM/BS is better than BS/PCM!"

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Denon 4520, EPIC80/500/VP180 Speakers