Hi again! I thought I'd answer here, (as opposed to a PM) so I can be corrected if needed, and so others can add their input.
So you want to hear the new HD codecs on Blu-ray disc.
HD audio comes in 3 basic varieties on Blu-ray disc, but the end results are the same- multichannel PCM. This multichannel PCM then needs to get decoded to analog (either in your Denon amp or in a seperate Blu-ray player), so it can be amplified and sent to your speakers.
Those 3 varieties?
On a Blu-ray disc you'll see the lossless soundtrack labelled as either:
PCM
Dolby True HD
DTS-HD Master Audio
The last 2 formats are really clever, they are essentially a PCM soundtrack 'compressed' to make it occupy a smaller space. When a Dolby True HD, or DTS-HDMA soundtrack is decoded (or rather de-compressed), either in an AV amp, or in a Blu-ray player the end result is the same, multi-channel PCM.
Now, (if using HDMI), WHERE those compressed lossless formats (Dolby True HD/DTS-HDMA) are decompressed/decoded doesn't really matter. Whether decoded either in the amp (which your amp cant do anyway), or in the player itself (essential for you, as your amp cant decode the compressed lossless formats), the result is exactly the same- mutichannel PCM. And that multichannel PCM will then be decoded to analog sound by the very lovely DACs in your Denon amp.
If you choose to use the analog inputs on your Denon amp however, things could be different. You would no longer be using the DACs in your amp, but the DACs in the Blu-ray player of your choice. These may either be of a better or lesser quality than the ones in your Denon AVC-A11XV amp.
Your amp can accept:
ANALOG INPUTS: up to 7.1 channels, but NOT able to apply Audyssey processing (so if you want 7.1, better pick a Blu-ray player that has 7.1 analog outputs!)
HDMI INPUTS: up to 5.1 channels, and ABLE to apply Audyssey processing
I guess those are your choices?
You could, if possible, send your AVC-A11XV away for the 'A' upgrade, which allows:
up to 7.1 PCM through the HDMI inputs
1080p upscaling and passthrough
internet control
network streaming capability
Personally, if 7.1 wasn't essential for you, I'd use the HDMI inputs, and utilise the Audyssey processing. I've owned an AVC-A11XV (and had it 'A' upgraded), and can vouch that the internall DACs and amplifiers are of an extremely high standard indeed. Your amp still puts many modern amps to shame!