Which is better,AV pre/pro o direct analog out?

I'm going to go over this, by starting with the following default (likely, I think most would accept my suggested position on these points(?)): When considering processing of multi-channel Dolby Digital HD and DTS Master audio for digital movie sources, you're highly likely to get more neutral clear sound, and the least sonic "coloration" by using the analog out's (yes, I recommend quality cables/connections to make the best of quality associated gear, which makes a difference) of, say, an Oppo Bluray player - direct to your power amp's. Conversely, you're probabaly more likely to get a bit better dynamics and perhaps a stronger sounding presentation (likely with more presence to the sound, too??), as well s convenience of switching capabilities, while using an outboard AV processor - connected HDMI (thus using the internal processing of the AV pro) in between source and amps instead.
So, basically, is it safe to say that, if saving the cost of an outboard processor and getting the most uncolored "audiophile like" transparent sounding presentation from your system is most important to you, you probably get an Oppo player, and sans the processor/switcher. Conversely, if you want best switching, EQ'ing ability, flexibility, and likely better gain/buffering?? - or likely somewhat stronger preamplification of the source signal between amplifier (the more traditional AV route)- then you buy an pre/pro or AV receiver for your AV/movie needs.
What am I missing, or do you agree/disagree??
Any comments?
I would add two items to your laundry lists.
1. RoomEQ from a disc source is only possible with the prepro and, for many, that will be a significant issue.
2. All this is in theory and reasonable but not necessarily entirely predictive.
It sounds like a good idea. I don't know if it will be the right way to do it for everyone, but its worth consideration.
I've tried both: Oppo 105 analog to amps and Oppo HDMI to Cary Cinema 12 to amps. In both cases SW had Velodyne SMS-1 acoustic room correction. Surround and bass management seem superior with the C12 in the loop, but the real reason for the C12 is to accommodate surround DSD from a Sony XA5400ES. Neither the Oppo nor the C12 is used for stereo.

Kr4, I already added the "EQ'ing ability" at last part of my posting. Yep, got it.
OR....would HDMI out to HDMI de-embedder to 2-ch stereo preamp to amp provide better movie sound in a non-surround, non-subwoofing home theater system?

avgoround, wouldn't the answer to which is better question depend on the analog processing capability of the BD player relative to that of the pre/pro.  I prefer the sound when the Oppo 105D sends digital to the Bryston SP3 for processing to analog.
I was on the phone with Oppo tech service today about another issue and asked about this.  Oppo tech recommended going through a prepro when using analog outs from the 105.  He said you loose dynamics bypassing the prepro as well as the the Oppo (digital) volume was not the "best".

As a side note, also asked about the stereo outputs vs. FL & FR surround outputs.  He said processor is the same for both and both sound the same, contrary to what I thought I've read in some other threads.    
I have finished making some equipment changes and putting my combo music room/HT back together. I purchased a used Modwright Oppo 105D which is new to me.

Here is my question(s):
1) For my HT I have been using a Bel Canto Pre6 which will pass the analog signal from the Oppo but the Pre6 doesn't afford any EQ options, so I would have to add an outboard EQ to do that.  Should I go that route or get one of the new AV Processors with built-in EQ? If so, what would you recommend?

2) Can I use the XLR analog out from the Oppo direct to my Mcintosh C500T preamp for two channel SACD in addition to also having the 5.1 channels out of the Oppo connected to the Pre6 (or new processor) at the same time when I want to listen to Multi-Channel SACD or DVD-A's.

3) What is the best way to EQ with all of the above?

Thanks in advance for any and all thoughts!

I can only address Q2:  Unless Modwright changed it, all the outputs of the Oppo BDP-105D should be active, and taking the balanced or single-ended LR from the 105D to your Macintosh rather than LR of surround is the way to go.  Check the setup advice in the Oppo manual.  You might try the Oppo 105D owners thread at AVS.  There you can get helpful advice from folks especially knowledgable about the Oppo BDPs. 
Thank you DB, I appreciate your feedback, it is what I was thinking but I will definitely check out the AVS form. Thanks again!