New Amp-PCM Decoding

Hi everyone,

I wonder if somebody could advise me on the following.

I have a PS3 and would like to upgrade to a new Amplifier which has an HDMI in/out so I can get LPCM uncompressed audio from
Blue-ray movies. I have been told that any Amplifier I purchase must be able to decode PCM through HDMI and should have an output signal of 1080p. I have found an Onkyo TXSR505E Amp on the web for
250 pound but are unsure if it meets the requirements I need because I have no clue. They are as follows

ONKYO TXSR505E HOME CINEMA RECEIVER SPECIFICATIONS
Amplifier power (watts): 7 x 75 (8 ohms, RMS)

Key decoding: Dolby: Digital/EX, Pro-Logic IIx Movie/Music/Game
DTS: /ES Matrix/Discrete, Neo:6 Music/Cinema, 96/24
DSP & eq. modes: Theatre-dimensional virtual surround sound mode; Mono-Movie, Orchestra, Unplugged, Studio Mix, TV Logic, All Channel Stereo, Full Mono DSP modes; bass and treble controls.

Adjustable subwoofer crossover frequency on-board (between 40 & 200Hz).

All decoding off mode to bypass all internal decoding for "pure stereo". Dynamic range compression (Late Night Mode) option. Double bass bass re-enforcement output mode. 5 frequency manual equaliser control

0-100ms lipsync compensation setting
Auto microphone calibration: Yes. Supplied setup mic measures your speakers from your listening position and automatically configures eq, levels, crossover etc for best performance
Video/Audio inputs & outputs: REAR:
2 x HDMI in (input assignable)
3 x video in (component video, S-video, composite video and stereo line in)
1 x video record out (S-video, composite video & stereo line out)
HDMI, component video, S-Video & composite video monitor outputs
RI interface, for use with remote-switchable devices such as Onkyo DSA2 iPod dock
Independent video and audio record switching
FRONT:
Composite video & stereo line in (via 3 x RCA/phono sockets)
6.3mm (1/4") headphones jack
Video format conversion: No
Analogue audio: 5.1 input for multi-channel SACD/DVD-Audio or use with a source (eg DVD player) with a built-in multi-channel decoder (6 x RCA/phono)
Subwoofer pre-output (RCA/phono)
Tape loop (2 pairs of RCA/phono stereo line in and out)
CD in (2 x RCA/phono)
Digital audio: 2 x coaxial digital inputs (via RCA/phono)
2 x optical digital inputs (via Toslink)
All digital connections are input assignable
Speaker outputs: 7 channel amplifiers on board. Can be configured for a single 7.1 speaker system or a 5.1 speaker system plus an independently switched stereo speaker system (for use in another room, for instance). Both full 7.1 and the 2nd stereo speakers can be fully connected, with the switching of the second stereo speaker system reverting the 7.1 output to 5.1.

7.1 output via 4mm banana plug/binding post connections.
Speaker B stereo output via spring-clip connections
Tuner: FM (with RDS & RadioText) and AM with 40 presets
DAC/Digital bits: Linear PCM 192kHz/24Bit DACs on all channels; 32 bit DSP processing
Supplied accessories: Remote control (preprogrammed to control other AV components) with batteries, indoor FM & AM antennas, set-up microphone
W x H x D (mm): 435 x 150 x 377
Weight (kg): 10.2
Finish: Black or silver
Extra: Sleep mode, display brightness controls.

HDMI & component video switching supports HDTV

Could anyone please advise if this is good enough??? thanks to all for any help

ohmss