I'm interested in something like this as well.
I currently have 3 devices, and will probably be adding a 4th soon, which can pass HDMI output.
My receiver is a Panasonic XR57. My display is a Panasonic 9 series commercial with an HDMI blade.
To get specific, I don't want to pass video signals through my receiver to my display. I prefer to send all video signals directly to the display, and all audio signals directly to the receiver. I don't intend on upgrading to 6.1 or 7.1, 5.1 sound is enough for me.
Any other suggestions would be much appreciated.