Firstly, Careful with the raid, try the setup this way, if your TV doesn't get past the Raid splash screen (Press Ctrl-I), turn off raid and go without.
To your question:
Yes you will have all the diferent modes of audio available over the HDMI cable to your tv, however unless you are using a tuner, your TV will only play using the 2 speakers, some tv's will simulate surround, but most don't.
A tuner with HDMI switching is really a great solution here, as most are fine with the raid screen, and they handle the 7.1 audio.
I use this same board in 2 different configurations:
1) HTPC --(hdmi)--> Marantz 5003 Tuner (7.1 speaker setup) --(hdmi)--> Visio TV --- *** this setup is AMAZING!
2) HTPC --(hdmi)--> Panasonic Plasma (2 speaker built in) *** this setup had trouble with the RAID ROM but disabling Raid got me up and running. (use the Intel tool [aspect ratio] set at 60/60 to fix oversacan.
Hope this is helpful.