What is lost if AV Receiver doesn't have HDMI?

[L.J.]

If the TV and DVR are connected directly using HDMI but my digital audio for the DVR is connected to the B&K wouldn't I be getting pretty much the same thing as if my head unit (say an Anthem AVM 50) had HDMI capabilities?

JL

No, your not losing anything. In this case, you would want to run your video directly to your display.

Also, as long as your AVR has 5.1 or 7.1 analog inputs(EXT. in), you just simply need to purchase a Bluray or HD DVD player that has analog outs. The HD audio formats will be decoded by the player and output over the analog connection. No need to buy a new AVR.