According to
http://www.avsforum.com/avs-vb/showthread.php?t=1050507 you *do* need HDMI for *full* codec support.
The lossy DD+ and DTS-HD HR formats cannot be decoded by the player (I'm very surprised at this for a $2000 player) and require an audio receiver/processor capable of decoding these bitstreams when they are output over HDMI. The Meridian solution will not help here.
However, for the lossless formats - Dolby TrueHD and DTS-HD Master Audio - you can use the analogue outputs from the player.