Connecting multiple devices via one HDMI input and one Optical

the panasonic website says it only has one HDMI out and no HDMI in.

This receiver is mainly only designed to be a standalone bluray player; it lacks sufficient inputs and outputs. I would recommend returning it and finding a receievr with at least 2 HDMI inputs and one output if its not above your budget.

If you ise the TV as an HDMI hub of sorts and reroute the audio down to your receiver, you will only get 2 discrete audio channels because your xbox for example, being first hooked upto the TV will detect the TV's 2 channel speaker system and only output in stereo.

You could do an optical connection with the xbox for audio and component or HDMI to TV for video but that will leave your cable box in the dark for surround and vise versa...and if the receiver indeed does not have an HDMI input then that adds more lack of functionality.

Not sure if that was helpful or not...can you double check if there is for sure an HDMI input?

The Panasonic SC-BTT490 has the two HDMI inputs you need. Amazon has it for $375. The only HTiB I've been recommending is the Onkyo HT-S9400THX. Something like the Onkyo HT-S5500 is going to have four HDMI inputs and 7.1 surround modes. Runs $400 at Newegg. The Onkyo receivers don't have BD players included with them though.
Edited by jevans64 - 11/30/12 at 1:50pm

Agreed; I don't really recommend the HTIB's because of their lack of functionality as a receiver. Especially the ones with built in DVD/BluRay players - they are notorious for having a minimal amount of inputs and outputs. The Onkyo is an exception to this.

I have bought 3 HTIB's...the first two were because I was a noob and didn't know what I was doing, and the third was surprisingly well made - a $400 7.1 Samsung set with 4 HDMI ins, 1 out, some component sets and composites, optical, iPod dock...just didn't support lossless Dolby and DTS codecs.

Point being, if you are shopping for an HTIB OP, you gotta really be picky about what you choose and always check for a display model to see what it has for inputs and outputs. I wasted a fair bit of cash on my first two kits because I didn't know what to look for and let my mind get caught up in the excitement of buying a new surround sound.

Heres a couple kits that would suit your needs but don't have BluRay players built in (it will be very difficult to find an affordable HTIB with multiple inputs and outputs AND a BluRay):

Onkyo 7.1 4 HDMI in 1 out http://www.newegg.com/Product/Product.aspx?Item=N82E16882120201
Onkyo 5.1, 4 HDMI in, 1 out http://www.newegg.com/Product/Product.aspx?Item=N82E16882120200
Yamaha 5.1 4 HDMI in, 1 out http://www.newegg.com/Product/Product.aspx?Item=N82E16882115378