Gonk is right on as usual. I've done this before with the Oppo and a 7125. It's a 'cheap' way to get by until selecting a pre/pro, but you're limited to using the Oppo, period. At this point, I'm using the Oppo for 2 channel CD playback only. In the coming week I may play around with connecting my surrounds and sub. I've gotten used to watching regular DVD's on my Toshiba HD player as I think it does a better job upconverting than the Oppo.
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HT:
Pioneer VSX-1120
Salk Songbirds, SongCenter, SongSurrounds
Panasonic BDP-45
Outlaw LFM-2

2 Channel:
Red Dragon M-500 monoblocks
BAT-VK3i
Salk HT-1TL's
Apple TV
Beresford 7520 DAC
Surgex XS10