Bleah... just realized that Atmos decoding seems to happen in the receiver not the player... but I'll need a player capable of at least supporting TrueHD which my "free" Walmart/Sony BD player is almost definitely not.
That said, I have had really good luck with firmware upgrades keeping the player current, so maybe there's something for TrueHD as well.
EDIT - Holy **** there is:
What Does This Do?
This utility updates the BDP-S300 firmware to version 6.20 and provides the following benefits:
Improvements over firmware version 5.90:
Improves BD-Java compatibility to enhance interactivity with some BD-ROMs.
Benefits provided by previous upgrades and included in version 6.20:
Compatibility with BD-R/RE discs burned by the Click to Disc™ and Click to Disc™ Editor software included with some VAIO® computers.
Adds Dolby® TrueHD and Dolby Digital Plus Audio decoding functionality.
Compatibility with the BD-R/RE format (BDMV).
Looks like I still need a receiver with Atmos support and HDMI input/output though... at the moment I believe I am running HDMI from player to projector and coax from player to receiver.
On the other hand I do have 7 channel input which is apparently fairly rare these days... so maybe someone makes a BD player that decodes 5.2.1 Atmos to analog