Does hdmi cable bypass the d/a conversion like a optical cable?

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well as you know when you run a optical cable it makes it where you will run the d/a converter from you receiver and not the ps3 lets say so does this work the same way when running it from the ps3 hdmi to the rcvr thru hdmi and no optical. cause If I am doing a d/a - a/d - d/a I would rather not. plus the sq on the ps3 is most likely not as good as my denon. So I Would rather know this for sure cause as you know your music is as good as your source.
 
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