You are correct that the 990's DVI switching supports HDCP video over both DVI and HDMI. The 990's older cousin (the Sherwood P-965) recently added a Cirrus-based EQ, but Outlaw has not elected to follow suit in the 990 because they apparently aren't satisfied with the performance of that particular solution and don't want to do anything unless it is good enough that they'd be willing to use it themselves.

What source would you be using to feed the unit WMA files? If it were something like a DVD transport, most players that would allow for playback of the file would be outputting PCM anyway. If it were a PC sound card, you would again most likely be getting PCM as the digital output. In both scenarios, the 990 will work fine. If it were a network storage device or a shared folder on a PC, you'd need to have a surround processor that was network-capable and had the codecs for WMA, which I don't see happening with the 990 - that's probably going to best be handled with a standalone media server of some sort.