Ah, I see. So I can utilize the optical input on my 990 for 5.1 audio from Dolby Digital / DTS sources, because the audio stream is lossy-compressed enough to fit within the bandwidth of optical (and probably by no coincidence).

But 5.1 audio from DVD-A has too much bandwidth for optical, and additionally copy protection limits SACD digital output only to HDMI, so lowest common denominator is that I've got to resort to analog.

I'm glad I asked. I saw a thread on AVSforum.com that indicates that the Pioneer DV-48AV applies a 200Hz high-pass filter to the signal coming out of its analog outputs, which cannot be disabled . I can only assume this used to be a "feature" to prevent blowing out smaller satellites? It's a bug, not a feature, now.

If I were able to use its HDMI digital output, I could circumvent the DV-48AV's on-board 200Hz high-pass filter and this wouldn't be an issue, but since I am forced to use its analog outputs to my 990, it makes no sense to buy a super-high-quality audio player that has a fixed 200Hz high-pass!

Looks like it's back to the drawing board to find another SACD player that better matches my setup. Watch me eat my words and end up shelling out $300 for an OPPO (or $1399 for the 997 with HDMI inputs?)

Thanks again for the technical details, it's very helpful for me.

-Jeff