HDMI v1.1 is what is currently on most equipment - it supports Dolby Digital, DTS, multichannel PCM (which is how Dolby Digital Plus, DTS-HD, and Dolby TrueHD will be output from Blu-Ray and HD-DVD players after being decoded from the original bitstream), and DVD-Audio digital transmission. HDMI v1.2 was announced several months ago and adds support for SACD digital transmission.
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