Fly Guy: I have never heard it, but supposedly Logic 7 really is supposed to be the greatest thing since sliced bread.

(Lexicon owners swear by it.)
I don't care about Logic 7 applied to stereo sources, but it is really supposed to make DD/DD EX/DTS/DTS-ES sources sound even better on a 7.1 system. (L7 does non-mono rears. DD EX and DTS-ES don't.)
THX Ultra2 might come close, because it also does non-mono (decorrelated) rears.
And, even according to the title of this thread, "Check this out as an alternitave", once I get my 6.1 to 7.1 conversion done, I have an old Shure DPL processor with a "mono" mode that also does some type of decorrelation. I'm going to use that on the mono rears the 950 puts out, for a "po' man's" version...