Does the "600" Series Onkyos --Specifically the '605 -- Do TRUE HDMI Passthrough?

[Linksys2.4]

My TX-SR605 is connected to my Panasonic BD player by way of a Monster High Speed HDMI cable; the player's HDMI A/V OUT is going into the 605's HDMI IN, and a second HDMI cable is going from the receiver's HDMI OUT to my Sony KDS-50A2020's HDMI IN to pass video from the player straight through...

Using this scenario, should the 605 pass the 1080p video from my BD player through to the display with no degredation? Is there anything in the receiver to set -- outside of HDMI MONITOR: YES and IMMEDIATE DISPLAY: OFF -- in order to "tell it" that it needs to pass the video straight through with no processing?