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There are a few advantages. For me, I appreciate not having to switch my TV to different inputs every time I change to a different component.
If I put a Blu-ray disk in, the receiver kicks into BD mode and outputs to the TV.
If I plug in my Macbook Pro then I select Video 1 (which maps separate audio & video inputs into one output) and sends the signal to the TV.
Change the receiver to Ruko and it sends to the TV.
All through a single HDMI cable.
Some receivers also offer upscaling and other features as well.
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