Need a little helpful advice

I am needing some helpful advice toward upgrade. I was wondering if anyone out there could let me know if I would hear a bigger difference in a receiver upgrade to HDMI compatible or up to separates (Anthem) but non-HDMI. Already have Sharp BluRay w/True Dolby. Cannot afford the AVM50 or D2 w/HDMI, so it is either get the improvement of upgrading to non-HDMI separates (straight plug-n-play bluray to video source and component out for audio), or 100% HDMI for all True HD through receiver (Denon, Pioneer, Yamaha, Onkyo, etc). Having a baby soon, and mom and dad's money will probably not being buying too many things for us after little man arrives, at least for a little while. Thanks for any and all helpful suggestions.