While it doesn't support HD audio it plays well using PCM for 7 channel.
That's my preferred way of doing things. Your TV doesn't take MPEG2/AVC/VC-1 data streams, but full, decoded video frames. Why should the receiver be any different? It should just be sent full, decoded audio samples.
The PS3 is probably the best player for doing audio decoding/mixing. Unfortunately other manufacturers don't put enough effort into getting it 100% right.
Pioneer VSX-1018AH-K, PDP-5020FD, DV-79AVi
Axiom M22s, VP150, QS8s
Sony PS3, surround backs