Yes, the 2700 will accept already-decoded audio via HDMi (it has HDMI 1.2). The Yammy 2700 does not decode BluRay codecs, so you'll need your player to do that and then send the decoded PCM along the HDMi highway to the Yammy (or into the 7.1 analog ins). The S1 firmware will allow the Sony to decode TrueHD (not DTS HD MA though) and send via HDMi to the Yammy.
If you get a new player make sure it decodes...some of the newer players only send, via HDMI, bitstreamed codecs for the processor to decode, and since you Yamaha 2700 doesn't, that "transport only" type player is not a good fit for you. The Oppo BD-83 will decode EVERYTHING.
