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Here is some interesting info I found if you are like me and want to know what you need to achieve certain things with the new audio formats.
Levels of Receivers:
Level 1
5.1 receivers that provide SPDIF, 5.1 analog input channels and provide all three processing stages on digital sources.
Examples: Virtually all 5.1 receivers.
Level 2
7.1 receivers that provide SPDIF, 5.1 analog inputs, and provide all three processing stages on digital sources.
Level 3
7.1 receivers that provide SPDIF, 5.1 analog inputs, and 5.1 HDMI PCM but can't perform surround processing on PCM digital sources.
Examples: Panasonic XR57 (no processing at all).
Level 3.5 (added late in the game)
7.1 receivers that provide SPDIF, 7.1 analog inputs, and 5.1 HDMI PCM but can't perform surround processing on PCM digital sources.
Examples: Onkyo x04 series.
Level 4
7.1 receivers that provide SPDIF, 5.1/7.1 analog inputs, and 7.1 HDMI PCM but can't perform surround processing on PCM digital sources.
Examples: Panasonic XR700 (no processing at all). Onkyo 605/705. Sony STR-DG810 and higher.
Level 5
7.1 recievers that provide SPDIF, 5.1/7.1 analog inputs, 5.1 HDMI PCM, and allow all three processing types on all digital signals.
Examples: HK 645 and higher. Marantz SR6001 and higher (only with latest firmware?).
Level 6
7.1 receivers that provide SPDIF, 5.1/7.1 analog inputs, 7.1 HDMI PCM, and allow all three processing types on all digital signals.
Examples: All HDMI Denons. Yamaha RX-V661/HTR-6060 and higher. Pioneer Elite 81TXV and higher. Onkyo 805 and higher. Integra *.8 series.
Future-proof decisions:
If you don't care about 7.1 surround sound, then all receivers are future proof.
If you don't care about 7.1 surround sound for post-HDMI Dolby and DTS formats, or using generally inferior DACs in your player for post-HDMI Dolby and DTS formats, then receivers Level 2 and higher are future proof.
If you don't care about 7.1 audio for post-HDMI Dolby and DTS formats, then receivers Level 3 and higher are future proof.
If you don't care about 7.1 audio for 5.1 post-HDMI Dolby and DTS formats, then receivers Level 4 and higher are future proof.
If you don't care about being at the mercy of the generally inferior DACs in your player (vs the DACs in your receiver) for 7.1 audio and switching between HDMI and Analog output for 5.1 and 7.1 sources, then receivers Level 5 and higher are future proof.
If you want a true future proof receiver with full processing on post-HDMI Dolby and DTS formats, and true digital 7.1 channel support, then Level 6 receivers are future proof (see annotation).
Levels of Receivers:
Level 1
5.1 receivers that provide SPDIF, 5.1 analog input channels and provide all three processing stages on digital sources.
Examples: Virtually all 5.1 receivers.
Level 2
7.1 receivers that provide SPDIF, 5.1 analog inputs, and provide all three processing stages on digital sources.
Level 3
7.1 receivers that provide SPDIF, 5.1 analog inputs, and 5.1 HDMI PCM but can't perform surround processing on PCM digital sources.
Examples: Panasonic XR57 (no processing at all).
Level 3.5 (added late in the game)
7.1 receivers that provide SPDIF, 7.1 analog inputs, and 5.1 HDMI PCM but can't perform surround processing on PCM digital sources.
Examples: Onkyo x04 series.
Level 4
7.1 receivers that provide SPDIF, 5.1/7.1 analog inputs, and 7.1 HDMI PCM but can't perform surround processing on PCM digital sources.
Examples: Panasonic XR700 (no processing at all). Onkyo 605/705. Sony STR-DG810 and higher.
Level 5
7.1 recievers that provide SPDIF, 5.1/7.1 analog inputs, 5.1 HDMI PCM, and allow all three processing types on all digital signals.
Examples: HK 645 and higher. Marantz SR6001 and higher (only with latest firmware?).
Level 6
7.1 receivers that provide SPDIF, 5.1/7.1 analog inputs, 7.1 HDMI PCM, and allow all three processing types on all digital signals.
Examples: All HDMI Denons. Yamaha RX-V661/HTR-6060 and higher. Pioneer Elite 81TXV and higher. Onkyo 805 and higher. Integra *.8 series.
Future-proof decisions:
If you don't care about 7.1 surround sound, then all receivers are future proof.
If you don't care about 7.1 surround sound for post-HDMI Dolby and DTS formats, or using generally inferior DACs in your player for post-HDMI Dolby and DTS formats, then receivers Level 2 and higher are future proof.
If you don't care about 7.1 audio for post-HDMI Dolby and DTS formats, then receivers Level 3 and higher are future proof.
If you don't care about 7.1 audio for 5.1 post-HDMI Dolby and DTS formats, then receivers Level 4 and higher are future proof.
If you don't care about being at the mercy of the generally inferior DACs in your player (vs the DACs in your receiver) for 7.1 audio and switching between HDMI and Analog output for 5.1 and 7.1 sources, then receivers Level 5 and higher are future proof.
If you want a true future proof receiver with full processing on post-HDMI Dolby and DTS formats, and true digital 7.1 channel support, then Level 6 receivers are future proof (see annotation).