Yep, a disconcerting dilemma to be sure. This is the nature of present day consumer electronics, when they make changes you have to get the whole package. I have yet to see a splitter on the market that is 1.4 compatible, however, you will still face the dilemma of having to do something to obtain the lossless audio from your AVR. I don't believe the PS3 has 7.1 analog outs so you can't do it that way.
I guess it is inevitable that you will have to spend some money so the lesser of two evils would be to buy a separate player like the Oppo which has dual HDMI outs so you can split the audio and video to obtain what you desire. Other than that you will have to update your AVR if you want to use it as a complete A/V switching center and obtain 3D pictures from your player and monitor.
