Yes, Ananth, as you point out, any processing to be done by the receiver(e.g. bass management or DPLII)is done in the digital realm and would require ADC re-conversion if an analog input was used. As Alan and others have pointed out, DACs are mature technology which exceed the needs of human ears and the program material. No audible difference will exist between them even though slight differences measurable in the lab still remain. So, don't let the DACs be any factor in your decision.

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Enjoy the music, not the equipment.