A source tells us that in May, Pioneer will announce two new Blu-ray players, including the Elite BDP-05FD you see above. Surprisingly, they won't be Profile 2.0, just 1.1 (so PIP but no Ethernet), but they will have some other talents:

• Internal decoding of all high-res audio formats • 8-bit to 12-bit Deep Color conversion • Picture control suite with nine new video adjustments, including four video noise reduction enhancements for customers seeking a more customized picture.

There's no word on pricing yet, or if it includes features like audio codec bitstreaming, but we're trying to find out more. Thanks Tipster X!