But multichannel PCM is a lossless format and that can be transmitted over HDMI 1.x. This is where you still seem mistaken. There is nothing in HDMI 1.x to stop ATI sending 6/7/8 channel PCM over HDMI 1.2. Now whether the reason they do not is some limitation of their hardware or a driver restriction due to no secure path and whether that will be fixed for the 2xxx series or 3xxx series we simply do not know right now. But what we do know is provided you are happy for the PC to do the decoding and pass multi-channel, lossless, PCM to your amp this can happen quite happily over HDMI 1.x.
I also disagree with your 2nd point. At the moment there is no PC-based HDMI solution for lossless audio that works, so the point is somewhat moot, but if Cyberlink get it working as they have promised in PowerDVD8 there is no reason why you will not be able to select "bitstream" or "multichannel PCM", just as you can currently select 2/3/4/5/6/7/8 speakers or s/pdif.
I also disagree with your 2nd point. At the moment there is no PC-based HDMI solution for lossless audio that works, so the point is somewhat moot, but if Cyberlink get it working as they have promised in PowerDVD8 there is no reason why you will not be able to select "bitstream" or "multichannel PCM", just as you can currently select 2/3/4/5/6/7/8 speakers or s/pdif.