The breaking down bs is just that bs.
Yes you can run the optical. But you'll get the DVD quality audio.
If you want Lossless audio: LPCM, DTS HD MA or DD TrueHD(The latter two get decoded into PCM anyway) then there's only two ways. 1 is via HDMI which the PS3 has, you'd need a receiver that can send 1080p video through to the t.v. AND use the lossless audio from the HDMI.
OR
You can use Mulitchannel Analog inputs and get the exact same sound, however the PS3 dosn't have these outputs. Most Standalone player's do. So if you Receiver dosn't have HDMI but does have Mulitchannel analog inputs you'll get better sound via buying a good quality standalone that Decodes TrueHD and DTS HD MA before sending it out as LPCM.
PS3 advantages are Fast loading times, and futureproof profile wise as an update is coming for 2.0. it's disadvantage right now, is that like most players it dosn't decode DTS HD MA. It also won't be able to bitstream them, but you'd need a really expensive receiver to bitstream anyway, and whether their's a benefit to that is debatable.
Hope this helps.