Here is a different opinion-
"The digital audio portion will still have all the same issues the digital cables have now: bandwidth issues, noise pickup, signal distortions, all leading to various forms and levels of jitter.
See:
http://www.geocities.com/jonrisch/jitter.htm
Only now, the digital video will have jitter artifacts to be dealt with too.
In fact, since the video and audio are transmitted over the same lines, there is the strong likely hood that the digital audio signal will be contaminated to one extent or another by the video signals, as per the above referenced article on jitter. The addition of this higher data rate digital video signal only measn the amount of RFI that is broadcast by the HDMI interface and send/receive circuits, and the amount of PS sing-song, will be much greater than what goes on with the existing audio only SP/DIF interface.
So in point of fact, you may be lamenting "the good old days" of SP/DIF, since the HDMI might be even worse for audio (and video).
All they really care about is Joe HT hooking up their HT system as painlessly as possible, and 'good enough' is the watchword. Oh, and the fact that the HDMI cabling system incorporates all the full-blown anti-copying techniques that have been incorporated into all the new A/V components that are HDMI compatible. That's why they are all on board and backing the HDMI standard.
Jon Risch"