While the AC outlets are normally switched (no power in standby), note that when the HDMI Control is on, the AC outlets are unswitched (powered constantly....even in standby). This info is on page 19 of the 2310's manual.
I did a quick test (I just picked up my 2310 two hours ago) to see if the HDMI to HDMI upconversion works as advertised. It does.
I set one of my TiVo S3's to native output (Comcast with Moto cards) and tuned to Comedy Central (480i). With the 2310's video convert set to off, the input signal on my Panny 200 was 480i.
With the 2310's video convert on, the i/p scaler set to analog & HDMI, and the resolution set to 720p and then 1080:24Hz, the input signal on the Panny was 720p and then 1080/24p (although the Panny 200 is a 720p projector, it accepts a 1080/24p signal).
Also, in the short time that I've had the receiver, I noticed that the volume knob and the source select knob has a "cheaper" feel than my 2307, and both the 2310 and the 2307 were made in China.