Looked into MV-5 myself. It only passes video at 1080i thru the processor. If your plasma is 1080p you could do the following: Get a hdmi splitter that will pass 1080p properly. Out of blue ray into splitter. One out of splitter to 1080p plasma and two out of splitter to MV5 for the audio only. Confirm with tech support but that is what they told me. The big item is the quality and capability of the splitter. I have seen the MV5 units here for $1,200 used. I decided not to go with it because the concern of quality of pure two channel redbook and was not sure about the ability of returning a splitter that did not work out and having a unit that would only pass 1080i and audio thru hdmi. Remember it does not decode the new audio codecs but passes multi channel pcm and I question if it will pass the multi channel pcm for the new DTS. Your Opp Blue Ray must be capable of decoding all the sound codecs. Here is the link for the MV5 manual http://www.lexicon.com/downloads/mv5/MV5_UG_07018137_rev0.pdf
Hope that helps.
Hope that helps.