Currently there are no receivers capable of decoding the new lossless formats. Decode forthese formats is being done by the HD DVD or BD players, converted to multichannel (5.1 or 7.1) linear pcm, and sent to the receiver via HDMI or multichannel analog outs. In addition many BD discs have multichannel LPCM soundtracks that don't require decoding which are also output via HDMI and multichannel analog outs.
Not all players (i.e. PS3 and lower model 2nd gen Tosh HD DVD players) have multichannel analog outs, and those that do are often very limited as to speaker management (Samsung BDP-1000) in that they don't allow for delay settings or crossover settings.
There are some older receivers with analog multichannel input that allow for speaker management over these inputs. One of these in combination with a player with analog outs would be the bare minimum for playing the new formats.
For better results and future proofing it would be best to get a reciever that can accept and playback multichannel PCM via HDMI inputs. These are already in existence but the ability to handle PCM beyond 5.1 and the amount of processing they can do as far as speaker management and getting 7.1 sound from 5.1 PCM varies. Many "HDMI" receivers won't do anything at all with the audio carried over the HDMI connection and merely switch video, and a few won't handle 1080p via HDMI.
There's a very long thread over at another forum that has been pretty useful to me:
http://www.avsforum.com/avs-vb/showthread.php?t=738511
The gist is that the Denon AVR-2807/997 is apparently the most capable issue-free receiver currntly available for dealing with the new formats, with the Pioneer VSX-82TSX and VSX84TSXV
a very close second (firmware update needed for proper handling of LFE channel on multichannel LPCM sources) I have the VSX-82TSX, currently being updated for that glitch. I've confirmed it's ability to apply any of it's available processing (THX, DDPLIIx, etc) to any multichannel LPCM over HDMI, and have found it's advanced MCACC auto setup to be superior even to that of the HK AVR-635 it replaced, with excellent sound quality. It can upconvert all incoming video of any scanrate recieved via any connection method to 720p or 1080i and will output it via HDMI so one only needs to run one cable from the receiver to the set, and even the receiver's onscreen menu will appear via HDMI regardless of the scanrate of the video source being played. Has 3 HDMI inputs, 3 components, and a full complement of S and composite.