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I'll be picking up my ML500 from Best Buy today and will post the results.

I have to say that I don't quite understand why people are so upset about there being no Audio output. For me at least, I'll be running video out of my computer HDMI and probably PS3 and 360 as well. It makes way more sense to send the audio direct to your system, rather than through the projector and back out again. A sound system is only as good as the weakest link in it. If you have an expensive system, I guarantee 100% of all projectors in this price range have MUCH worse internal components than your system does. You want to run your audio through as few circuits as possible.

If your sound system is decent it should be able to allow you to plug in everything you want to use(PC audio, Xbox, PS3 etc) at the same time. Run the HDMI to the projector, and run your audio straight out of the source into your sound system. This should yield the best results in any scenario.

FYI for those that don't understand where I'm coming from...Yes audio travels down HDMI, but most video game consoles out there should allow you to send the audio separate from HDMI(I do this with my 360 because I want it hooked up to my M-Audio Project Mix which requires a 1/4" input). Your PC acts the same way. I currently have it hooked up to my 47" TV for the display but I hate my TV speakers so I run the Audio into my Project Mix as well.

My only apprehension is that there is only one HDMI port. I'm as lazy as the next guy and don't want to have to switch out my input source every time I want to play a game/watch a movie on my PC etc.