The HDMI standard does carry audio, but not all sources support it. Most HDMI sources are capable of multi-channel audio (5.1/AC3) output. Some are only capable of stereo (2.0) output. Some SACD/DVD-Audio players are also capable of outputting full-bitstream, non-encoded multi-channel PCM over HDMI for the highest quality digital audio signal possible.

My personal opinion is that you are really cheaping out on the audio side of things. You spent some serious bank on that TV and Blu-Ray player, and you will be missing out on a LOT of audio quality by sticking to your price range. You haven't mentioned whether or not you have speakers already, but to keep things on the same playing field, I'd be looking for a receiver in the $1k (or more range), plus at least another $1k for your 5 surround channels, and at least another $500 for a decent sub. Right now, what you're looking at right now on the audio side is WAY out of line with your video components.

Perhaps you live in an apartment, and can't crank it, and don't really care. However, you did ask for "Home Theatre Advice", not "big-azz TV and crappy little stereo advice".

That's my 2c worth,
Chris