In the past, John Dawson, CEO for Arcam stated that Arcam has not implemented two channel sound over HDMI due to sonic degradation. Apparently he was right. In a recent issue of the respected audio magazine, "The Perfect Vision", renowned audio guru, Robert Harley, states that when he compared the two channel sound of HDMI vs. digital coaxial, he found that the sound over HDMI was thin, bright and hard with a strange, phasey character in the midrange compaired to digital coaxial. In a separate system using an Arcam AV9, Robert Harley indicates that sound through the Sony ES Blu-ray player he used was "outstanding" from the Sony's analog outs due the the Sony's ES great D/A converters. So, for us Arcam AV9 owners, we would be better off forgetting about two channel sound over HDMI and pursue getting a Blu-ray player with superior D/A converters so we can enjoy the new surround codecs from Blu-ray.