This quote from the Verge review has me most concerned:
"But while the ideas are great, the execution just isn’t there. For starters, passing my TiVo through the Xbox One darkened the picture and stripped the signal of its Dolby Digital audio encoding, taking away surround sound. There’s a beta option to transcode Dolby into DTS or PCM audio, but it didn’t seem to work for me, and Microsoft says it might cause additional video distortion with some cable boxes until it’s out of beta. If you have a home theater system, this is an immediate dealbreaker; I wouldn’t let the Xbox One near your cable box until it can pass the signal unmolested."
Anything that darkens the picture and degrades audio is a gamebreaker for my home theater.
Saw a video of someone running a PS4 through the XB1 and it added noticeable lag ... so I suspect even if you are comfortable with the HDMI video being darkened somewhat and want to route your 5.1 audio from the TiVo to your receiver via toslink, it would likely throw the audio sync out slightly if you bypass the XB1 for the audio signal.
That the XB1 strips away surround kind of blows my mind. Hopefully that can be patched via software. I don't want a beta option to transcode Dolby into DTS or PCM audio ... I want it to pass through audio completely unmolested.
But darkening the picture ... Hmm. I'm not sure what's going on there and I'm going to hold off on routing my live TV from TiVo through the XB1. Which kind of defeats a rather large portion of the XBox's benefit. Hope that's software too. Will find out soon enough with all the home theater sites dissecting what sort of artifacting/darkening the XB1 possibly adds to video.
Like I assume most people on this board, I have many video sources and game consoles all routed through a receiver, with switches and other devices all making a bit of a complicated HDMI cable mess behind my TV. I wonder if the XB1 will be able to duplicate my Harmony One remote ... I kind of doubt it.
XB1 will be for games-only for the next while in my house.