I don't believe there are any blue ray or hd players on the market that support all of those formats.

Hello Staticfanatic and welcome to the forum.I will make this as short as possible.No,do not upgrade yet.Best get a good dvd multiformat player such as Pioneer Elite series or a Denon or a marantz.I do not think the new blue-ray or hd-dvd will support all formats and even if they do,i don't think the first or even second generation models will be that good.As for the hdmi output,why on earth you want to route the signal from your dvd player to the processor and then to the dlp screen ?!?!?!? Straight from the dvd to the screen is best ! Less electronics for the signal to pass.
As for the 7.1 upgrade,well,it is up to you.If you have the extra cash and like the effect,go ahead.You should know though that there are very few movies encoded in 6.1 or 7.1 surround.All are in 5.1 so,be prepared to play 5.1 in a 7.1 channel system most of the time.