Originally Posted by VirusKiller
Ok. Still doesn't explain why I'm losing 5dB of bass on multi-channel analogue vs. decoding the bitstream.

Indeed. Does this answer it?

From the link:

"SW analogue output from players
Okay, what level should the subwoofer output be? If it were just the LFE track, then you'd expect it, as discussed above, to be 10dB lower than the other channels to fit the 10dB higher maximum LFE output.

But if the player is performing bass management, then the subwoofer output also has to contain redirected bass; this extra signal could push the signal back above its nominal limit. To prevent overloading their output, or the receiver's input, players with bass management conventionally lower the SW output by a further 5dB. (This 5dB value is specified by Dolby, see references). Sometimes this 5dB drop switches in and out depending on whether bass management is being performed (ie if any speakers are set to SMALL).

The final SW output will typically be:

SW = LFE

or:

SW = Lower5dB(LFE + Lower10dB(Redirected bass)) = Lower5dB(LFE) + Lower15dB(Redirected bass)

So, in those two cases the SW output from the player will be respectively 10dB or 15dB lower than the other channels. A receiver should offer the ability to specifically boost the SW input on its multichannel analogue interface to compensate."