No. You understanding is correct.
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just got the Oppo 103 as well and looking at the same question, from what I gather oppo suggests for better video/audio to plug HDMI 1 into TV HDMI for video, and HDMI 2 to the receiver(BD)HDMI for audio, I also use the FR/FL interconnects of the Oppo 103 to the analog stereo audio on reciever or amp for analog stereo music.
Will probably call Oppo tech to make sure I got it right first
From the official Oppo website:
Dual HDMI Inputs Connect external devices such as set-top boxes and network streaming devices to take further advantage of the excellent audio and video processing functions by the BDP-103. The BDP-103 offers two HDMI inputs, one on the front and one on the back.