You can try it two different ways to see which sounds better. First, try sending it bitstream to the receiver and have the Onkyo decode the audio formats. Second, try and send it multichannel pcm to receiver and decode it in the player. It depends on the DACs and performance of the player and receiver which I have not heard that combination personally.
My panasonic BD-30 blu-ray player have built-in audio decoding for Dolby Digital & DTS. Multichannel uncompressed PCM output, & bitstream audio output for Dolby Digital Plus, Dolby TrueHD, DTS-HD, & DTS-HD Master Audio. I've downloaded the latest 1.8 firmware. Allof my HDMI cables are Monster 1000HD, connected to my Onkyo SR606 Receiver. The Onkyo delivers Dolby TrueHD, DTS-HD Master Audio, Dolby Digital Plus, DTS-HD High Resolution Audio, Dolby Digital EX, DTS-ES, & DTS Neo:6 decoding. My questions are, to get the full impact sound when watching Blu-ray movies, what should the audio setting be set to on both of these componets? The audio sounds good now, but something tells me it can be better from my surround sound.