Just to relay my experience with my GTX 470, I'm bitstreaming perfectly. In fact, the sound this thing puts out through HDMI is far superior to my X-Fi Fatality Pro bitstream with Toslink.
I just ordered some new AV stuff, Pioneer 821 and Energy 5.0 along with PA-120. Was excited to get it all and improve my sound, well all of a sudden I'm hearing static, pops, and crackle I never heard before when I had my analog setup. Tried different PCIe slots, a 2nd X-Fi card, onboard audio with the same connection, did research, adjusted everything possible, no fix. At the end I said let me try bitstreaming on my 470, SOLVED EVERYTHING. No more static and pops every time I start and stop a sound file. To top it off, the X-Fi only does DD and DTS, the 470 does that and DD Plus. It also sounds better, the clarity is better, even though they're both digital connections. It's perfect, it's beautiful, thank you Nvidia!
I'm passing the bitstream and a video signal to my AV receiver and then the video signal to a TV along with also a straight DVI to HDMI connection from my 470 to my monitor. Everything is just as I wanted it to be now, I'm happy. To hell with Creative!