I'm referring to the BDP-105's 2ch performance. Yes, I'm aware of the 4311's capabilities, I have one The 4311 may have HDMI and XT32, but it is no AVP
When I last compared, the stereo outputs of the 105 provided a fuller sound, using Direct/Pure Direct (no Audyssey) vs. HDMI on the 4311. With the AVP, the analog circuitry vs. HDMI path is almost a wash in quality.
If you're going to use XT32 all the time, then HDMI is likely the best way to go. But like I said, if you want the 2ch purist approach, I'd recommend a 105 via analog outputs w/o processing of the 4311 (or AVP, for that matter).