The 605 will. So its fair to assume the 805 will also. But it won't do it with TrueHd and DTS sources that are presently passed as multi PCM 5.1. If you output downmixed PCM over HDMI or output over the optical or digital connection then you can pretty much pick and choose the output format including rear surround options.
My concern was getting TrueHD and DTS MA @ 7.1 over HDMI and the Toshiba XA2 won't do it, at least as far as I can determine.
Btw the new Panny is quite a bit more reasonably priced and it's due out in a few weeks or so.