I think "Home Theater Bypass", almost by definition, refers to a 2-channel preamp or integrated with a pass through feature in which the signals from a HT system pass through the 2-channel system directly to the amplifiers/amplifier section without modification.
If you do not have a 2-channel unit in you system, HT Bypass is irrelevant.
If your priority is 2-channel sound quality (which only YOU can determine), my opinion would be to build a 2-channel system with a preamp/integrated that has a HT Bypass <http://www.audiophile.no/en/articles-tests-reviews/item/426-amplifiers-with-processor-input>.
Your 2-channel sources would be run through this unit.
Your HT sources would be run through your HT unit. Left and Right front outputs from your HT unit would be fed into the Left and Right HT Inputs of your 2-channel unit.
With respect to your comment, "AVR HT receivers will never get you a tru HIFI experience because of the processing that takes place and a dedicated 2 ch is the only way to go"--I don't think that's a fair statement.
First, only you can determine what a "tru HIFI experience" is.
Second, can you say with 100% certainty that all HT units "process" all input signals the same way?
For example, and this is just a hypothetical: Marantz has been well respected in the 2-channel world since the stone age. Marantz makes HT units with traditional 2-channel inputs (analog, phono, maybe even tape). Why would Marantz "process" these signals instead of just sending them to the outputs or amplifier section?
Why would Marantz take a phono signal input (most likely in stereo) and try to convert it 7.1 HT?
It seems to me that they would want to do the exact opposite, and let you know about it! They want to appeal to the widest possible audience so they are going to emphasize the HT and 2-channel capabilities.
Now, as with everything else in this hobby, it's up to you to determine if the sound is "tru HIFI".
If you do not have a 2-channel unit in you system, HT Bypass is irrelevant.
If your priority is 2-channel sound quality (which only YOU can determine), my opinion would be to build a 2-channel system with a preamp/integrated that has a HT Bypass <http://www.audiophile.no/en/articles-tests-reviews/item/426-amplifiers-with-processor-input>.
Your 2-channel sources would be run through this unit.
Your HT sources would be run through your HT unit. Left and Right front outputs from your HT unit would be fed into the Left and Right HT Inputs of your 2-channel unit.
With respect to your comment, "AVR HT receivers will never get you a tru HIFI experience because of the processing that takes place and a dedicated 2 ch is the only way to go"--I don't think that's a fair statement.
First, only you can determine what a "tru HIFI experience" is.
Second, can you say with 100% certainty that all HT units "process" all input signals the same way?
For example, and this is just a hypothetical: Marantz has been well respected in the 2-channel world since the stone age. Marantz makes HT units with traditional 2-channel inputs (analog, phono, maybe even tape). Why would Marantz "process" these signals instead of just sending them to the outputs or amplifier section?
Why would Marantz take a phono signal input (most likely in stereo) and try to convert it 7.1 HT?
It seems to me that they would want to do the exact opposite, and let you know about it! They want to appeal to the widest possible audience so they are going to emphasize the HT and 2-channel capabilities.
Now, as with everything else in this hobby, it's up to you to determine if the sound is "tru HIFI".