My TV and BDP both have toslink out, and my receiver has 1 toslink in. Receiver does not have HDMI. Do I need to connect the BDP directly to the receiver to get the best sound? How much would I lose if I had the audio go from BDP to TV via HDMI and then TV to receiver using toslink?
Very few TVs pass DD 5.1 from external devices and none do DTS. Since most BDs have DTS soundtracks, using the TV as an audio switcher will limit you to stereo audio most, if not all, of the time. If your receiver has a coax input, you could get an optical-coax converter. Or you could get an optical switch to share the one input on your receiver.