I can relate to the desire to wait out the new formats, but you need to be ready for a pretty good wait. The processors are going to take longer to pick up support for the new formats - they are generally made by smaller firms, so the product development cycles are slower. You'll start to see it in receivers first (it's appeared first on the more expensive models and will trickle down product lines over the next couple years). There are a couple surround processors out already with HDMI v1.1 support if you can stomach $4000+ for a processor, but it'll take at least a year (probably 18 months or more) for the $1000-$2000 processor market to really pick up the new formats. Some manufacturers are probably waiting to include HDMI 1.3, which is still in development by HDMI.