Wow auxinput, this was a really interesting description of the differences between 2 and multi-channel inputs via coax and HDMI. I have an Arcam receiver that does really well with either analog inputs or HDMI hires from Bluray. My transport has the option to output "raw bitstream" or "PCM" data, and I have a very clear preference for raw bitstream. But the 2channel Redbook output to the DACs in the Arcam via HDMI sounds much less engaging than Bluray through HDMI or 2channel redbook out to external DAC via optical cable and back into the Arcam via analog Interconnect. I couldn't figure out why the character of the sound of the same DACs in the receiver was SO different between low and hi res recordings, and why the same redbook recordings (from the same transport!) sounded so different between the receiver's built in DACs and the external DAC. The character of the external DAC for all resolutions and sources (CDs/optical, Tidal or JRiver/USB) of material was closer to the very fine sound of Bluray recordings processed by the Arcam receiver. Redbook content via HDMI just sounded flat or compressed compared to Redbook via optical. I attributed this to the DACs in the Arcam being optimized for higher res source material, but now I am not so sure it isn't the HDMI interface.