What type of connection (component, s-video, composite)? Assuming your receiver passes through the proper bandwidth for the connection, it really shouldn't matter. However, I always go by the thought that the lower the number of connections, the better.
I was deciding on the same thing last night while hooking up my Xbox, Cable DVR, Upconverting DVD player to my Plasma.
If you do not mind having to change the source on the TV each time you want to use and item and change the source on the A/V receiver then hooking directly to the TV would yield a better picture in therory.
I personally hate switch the source on the TV as it is more complicated for people to know what input everything is on and like to leave the TV to Component 1 and run everything through the A/V Receiver. This way my wife, family, friends can just push "DVD" and it plays or "Cable/Sat" and they can watch TV.
That was my decision though and your tastes may vary.
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