disclaimer... I'm very new to this

Main question.  Will I benefit from DAC of any sort if all my music itunes 256kbps or pandora one 192kbps?

I am planning on replacing a 5.1 HTIB with a stereo receiver and some bookshelf speakers.  I noticed some of them have a built in DAC and usb to bypass my iPhones DAC, but are quite a bit more expensive (I'm a student).  The cheapest one would be the Onkyo 8050 @ $300.  This would stretch my budget and give me less money to spend on speakers.

Or...

Should I not even replace my receiver at all and just buy bookshelf speakers and leave my 5.1 receiver in 2-channel mode?  and maybe buy wadia or something down the road?

this is my current system:

http://www.crutchfield.com/S-OmzwtdiM9UV/p_158HTDW700/Sony-HT-DDW700.html?tab=detailed_info#overview-tab

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