Randy, I think that Tom has described it correctly. What you've said in your first four paragraphs can all be done, and as for the fifth paragraph, the determining factor is whether it's an analog input, because as Tom pointed out, there's no DAC for the zone outputs.

Yes, as far as I know, none of the receivers that have two HDMI outputs can output different content on them; they just split the same input in two for say a projector and a TV set.

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Enjoy the music, not the equipment.