Wasn't sure weather to post this in the HTPC section but I need to do the following:

From PC HDMI Nvidia 210(has audio capability already tested with TV) out to a receiver which will decode any format I throw as well as the the ability to have normal PCM stereo virtualised up to at least drive R+L+Sub.

Also accept HDMI form Xbox360 and probably a blue ray player later on. 

Looking to spend as little as possible but don't want to shoot my self in the foot either! Would something like this do:

http://www.eu.onkyo.com/products/TX-SR507.html

Any gotchas I should look out for?