New codecs worth making a switch right now?

If yur Blu-ray player does the decoding internal and outputs PCM digital, then you don't need a new processor. Yes, the new HD audio formats are a major improvement over DD and DTS.

Don't confuse LPCM with PCM. LPCM is the 7.1 channel high resolution output and can only be decoded by the new processors with DD-HD and DTS-HD codecs. In the audio setup of your Blu-ray player select PCM as the output for DD-HD and DTS-HD. This causes the Blu-ray player to decode the HD audio internally and down mix it to 5.1 PCM which any processor that has HDMI inputs and can process DD and DTS can decode. I've seen it done on many different Denon, Onkyo and Integra receivers. Also, I'm doing it on my own home on both Anthem AVM-20HD and Statement D2 processors using Panasonic Blu-ray players

Here's a link to the official Dolby Labs explanation.
http://www.dolby.com/consumer/technology/trueHD/avrs/trueHD_avrs_2.html

DTC,

Very good explanation. I learned something new.

Thanks,