Sony SCD-XA5400ES output: hdmi or analog?

I've decided to replace my aging wadia 850 by a sony 5400es. As the wadia could be directly connected to an amplifier, in my case a ML336, i didn't use a pre-amplifier. Has anybody had any listening experience comparing the analog output of the Sony to a high quality line stage vs. it's HDMI-output to an A/V processor?
Hi Hitv, I sold my Marantz 11S with the intention to buy the 11 S2 but then I got the Stereophile revieuw of the Sony 5400 es by Kal Rubinson.So I bouhgt the Sony instead.
No regrets;an fantastic CD,SACD. Better then my Marantz. But I am using only the (balanced) analog uitput to my Emitter Exclusive.The Sony looks (much) cheaper then the Marantz but sounds much better.I am not interested in HDMI so I am sorry about that.
As I understand it, DSD and multi-channel are only available via HDMI.

Multichannel is available only via HDMI. All formats are available via analog. Only CD is available via S/PDIF.

Thx for the feedback so far, guys.

Good to hear your opinion, make me sure it's a bargain.

Dbphd and Kal

My main focus is 2-channel sacd playback. As i have no pre-amp now, I will have to get one. I narrowed my options down to the Parasound JC-2 (analog input) and the Onkyo pr-sc886 (HDMI-input). Does the Onkyo (or Integra) accept 2-channel input through HDMI? If not, my problem is solved then.
Dear Hitv, No idea if Kr4 is actualy Kal Rubinson so I must
be very careful;he is a kind of athority for me and I admire the guy for his eloquence as well as his integrity.
But if you are interested primary in SACD (as I am) then the Sony is the best choice I know of. To give you some idea of my 'gear': Kuzma S.R.,Triplanar VII with Benz Ruby3;Reed L 2A with Phase Tech P-3 G;Basis Exclusive pre,
Emitter Exclusive amp. and Usher BE-20.
Of course, the Onkyo/Integra will accept ANY output from the player via HDMI. The issue comes down to other matters. If you need the other facilities of the prepro (especially room EQ), then that will do everything for you. If you are more concerned with stereo signal purity and don't need MCH, the JC-2 via XLRs is the choice.

In an ideal world, get the prepro AND the JC-2 or P7!
Yes, it is really me. I agree with you about the Sony, regardless of the context (except for HT).

hi nandric and kal,

i'll go for the jc-2. it will be interesting for me to hear how far digital has come in 10 years ( wadia 850 to sony 5400es).