I've been revisiting this subject myself considering purchasing an 85-inch Bravia 3 II flat panel TV for the living room and don't want to deal with the hassle of multi-channel but would like better quality sound than the system built into the TV. The solution I'm considering is an eARC/ARC 4K HDMI audio extractor that contains the necessary processing to down convert multi-channel to 2.1. You can find them configured many different ways depending on the specific kind of connectivity you require and the main considerations are your TV's native refresh rate if you want to use the HDMI passthrough and whether it's output is ARC or eARC as the HDMI is configured. If its only the audio you want, you just connect your ARC or eARC HDMI to the extractor and it will deliver any format to a pair of stereo RCAs. Attached is at least one such model I'm looking at and the prices range from as low as $6 to several hundred.
This one will probably work for me as long as I'm only interested in the audio and not the HDMI passthrough since it's video refresh rate doesn't match the TV's 120Hz. There are other brands such as Orei, Insignia, Ethereal, Simplified and I'm sure countless others if you search the WEB.

