OK I've got this working, kinda! Not sure if this is a permanent solution for me but it's a work around for now.I've not had a great deal of time to test this either.
I can now play the following files:
AVI's with AC3 (Dolby Digital)
AVI''s with MPEG (MP3) (PCM)
MKV's with AC3 / DTS
DVD rips VIDEO_TS (VOB's) with AC3 / DTS
Blu-ray ISO's with AC3 / DTS (PowerDVD9)
To do this I uninstalled the Shark007 codec pack, installed the Haali Splitter Alpha and then installed FFDShow Tryouts beta 6.
You need to un-check some options when installing the Haali Alpha see the screen shot below:
During the installation of FFDShow I un-checked all video types apart from H.264, on the audio I un-checked everything about from DTS, AC3, AAC and a couple of others, I then ticked Passthrough on both AC3 and DTS.
Everything now plays and I get 5.1 surround sound passthrough to the AVR where I should.
However I do have other issues with the Haali Media Splitter Alpha. In that when playing some MKV's they are blocky pixelated and look bad.
This is a similar setup to my original preferred configuration in Vista Media Center.