No. It only changes its transmission medium.
The 801 is an excellent receiver. If you are not interested in its networking capability, you can still find the 800 (last years model) for several hundred less. Also, 802s will probably be out in a few months (should add PLIIx).
One thing I like about the Onkyo is that Onkyo also makes a decent 100w 2-channel amp (M-282) that is selling for next to nothing ($200). Actually, its the same amp that is in the 800/801, therefore it will produce the same "sound" (timbre matching) at the speakers.
Review of the 800:
http://www.hometheaterhifi.com/volum...er-4-2003.html