audionoob - You need to set up the receiver, of course.
By default, it's set to detect and decode DTS and Dolby formats on the digital inputs. So, yes, it will decode everything on its own straight out of the box. But, there are listening modes to configure for some types of inputs and you need to do the basic speaker setups and run Audyssey.
110murphys - The 606 has the legacy decoders and DSPs, too (DD, DTS, PLIIx, etc). Then, it adds the HD decoders (TrueHD, DD+, dts-MA, and DTS-HD HRA).
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