Originally Posted by egrady
Your question is moot unless your Onkyo has an analog bypass. That is, does it run all incoming audio signals through its internal DAC or not?
If you're tying to get the benefit of the two analog out connections/chips (a dedicated 2.0 set and a 7.1 set), you would connect either the dedicated 2.0 or the 7.1 analog outs into an analog in on your receiver.
In the case of the 2.0 output it could get plugged into a CD input, for example, and all receivers have an analog input for that. If you want to use the DAC chipset dedicated to 7.1, you would have to have a pre-in on your receiver. Sadly, the receiver you list does not have a pre-in, so the 7.1 analog out is not an option. For multi-channel audio, you will have to use your HDMI connection into the receiver. It DOES have a pre-in, which passes the signal directly to the amp section of the receiver - I would use this connection for the 2.0 connection most likely.
As for your actual question, I don't really know if you'll hear a difference between the two different DAC chips used in these two models. The 203's chip seems to be pretty capable.
Personally, I am going to keep using my 105d until I get a 4k projector, and that will be a couple of years I think. Rather than the 205, which I really wanted, I will now look to get a DAC that can decode MQA, which I really enjoy so far. I would have ordered the 205 in a heartbeat if it had included MQA support, but I guess that is not to be.