here's a (somewhat) funny article that describes exactly how i feel:

Anyway, I digress. Long story short PS3 does have TrueHD and other HD audio format abilities, its just that it cannot output them in a raw format (bitstream). So what you have to do is go into the Bluray settings in the PS3 settings menu, and select PCM. PCM is a base digital format which is lossless and all the other good stuff you simply must have these days if you are ever to have sex again (or for you audiophiles out there, for the first time). The PS3 internally transcodes the TrueHD etc to PCM. Once this setting is enabled, the OSD on the TV says TrueHD!! Yaay.

But dammit, no little light on my amp! All I get is PCM, seriously I feel like its in Windows 95 WAV format… I quickly shrivled. Hey its cold out.

As it turns out you cannot make the PS3 output the HD audio signal for decoding in your precious new amp. It must do it internally. Ah, crap… they (white coats) assure me that the PCM conversion is also lossless - big whoop. I want my bloody light. I’m over it. This sucks, and I’m severely disappointed - it would have been easier so enable the light using a soldering iron. I’m gonna watch some Spidey using crap PCM.

I sit down with a coke and some popcorn in my disgustingly small living room with my equally disgustingly overpowered home theatre system. Man I’m pissed, maybe a little too much so. As the thoughts of my little TrueHD light’s impotence slowly leave my tired mind, the sand man starts doing some really cool stuff and i soon realise -

OMG - WOW it sounds good…

F@&^ the light.
basically couldn't any receiver that accepts PCM via HDMI get Dolby TrueHD then? somehow this upsets me, and i dont know why. i may have to check out the standalone players in the fall. glad i opted for the 4 HDMI inputs in the end