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The prevailing thinking is that the low bass be put into the 5 channels as needed, and those with 5 full range speakers will get nice spatial information all the way down into the low bass region.

Exactly.
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Those with small speakers and a sub will be using bass management, and the bass from the various speakers will get routed to the sub.
IF your MC player has this capability (some do- using 120Hz as the cutoff point). And this is why I like the MC analog bass management feature on the 950-- the 80 Hz cut point is much better than 120Hz- for me anyway. IMO, bottom line is-- as long as we have to do this in the analog domain we will not see the perfect solution.