If the receiver has HDMI input for audio then you should get at least an HDMI 1.2 compatible receiver.
If it is just HDMI 1.1 then you will not be able to use the SACD functionality of the PS3, which is important if you love audio. SACD is breathtaking.
Your best bet is to look for the announcements made in one month at CES 2007 and see what's coming out from people like Pioneer. They should be announcing their HDMI 1.3 receivers.
Currently the PS3 can decode PCM and TrueHD into PCM, but not yet DTS-MA as far as I know.
If you have an HDMI 1.3 receiver that decodes TrueHD and DTS-MA then you don't need to look for that update from PS3 team. You can let your receiver do the work.
There's no reason to rush out and upgrade from HDMI 1.1 to HDMI 1.3 on a receiver if you already have HDMI 1.1 or 1.2, but if you're in the market for a new receiver, you might as well get the HDMI 1.3
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