Maybe people will start dumping their 295s on eBay and I'll be able to pick up a 2nd one for cheap? I'll have to keep my eye out.
Edit- Nevermind- it does indeed appear the cards output PCM audio. Tom's was the only review that bother to mention that fact- a major oversight on all the other websites reviews.
Moreover, it’s no longer necessary to use an S/PDIF cable to enable HDMI audio input. GF100 (like the GT 220 and GT 240) supports HDMI audio over PCI Express, enabling multi-channel LPCM. TrueHD and DTS-HD Master Audio cannot be bitstreamed, as they can with AMD’s Radeon HD 5000-series and Intel’s Clarkdale-based Core i3/Core i5 CPUs. You can’t get lossless audio out of a GF100-based card, but again, that probably won’t matter in any way until the Fermi architecture is miniaturized in a big way.
Now I'm unsure as of what to do. If I can pick up a HDMI card cheap I'll probably do that, but it appears a single GTX 480 won't really be any faster than my 295...