You had Theta in the past, what did you move onto?

I never really understood plowing $$$ into a pre pro to be able to get good 2-channel sound.  IMHO most AVRs do an acceptable job of performing surround processing and amplification, so choosing one with preouts to feed stereo separates or an integrated to handle 2-channel duties seems like a much more cost-effective way to get great stereo and HT in one system.  But that’s me. 

The closest I got for DVD/BueRay with HDMI was an Oppo to a Halo P7. That also sounded really good. It was a long time until I had a processor (Anthem) which could compare in sound quality to the Oppo’s analog outputs.

Not sure I understand.  I’d say running a good-quality 2-channel source/DAC into an good-quality stereo pre/amp combo or integrated would be superior to running it through the Anthem and probably comparable or even better than the Theta as there are dedicated power supplies, less noise, etc. that the stereo signal gets subjected to.  Anyway, that was my point and not sure where you were going with HDMI. 

Maybe I’m just a purist snob, but if 2-channel is very important to me I’m gonna use a stereo amp/pre or integrated and supplement with a good AVR to power the center and do the processing (I assume people here know how easily that’s doable).  Put the $$$ where it matters most and let the AVR handle the rest.  Unless your absolute priority is HT I don’t see spending huge $$$ on surround channels/processing as they’re just such a relatively small portion of the overall experience and decent AVRs can handle that pretty damn well.  I’m sure I’ll get flamed by the HT crowd, but I could live very happily with a separate stereo setup and seamlessly integrate an Anthem AVR handling my HT duties unless I’m HUGE into HT, at which point I’d go another route.  But that’s me.