It will work if your reciever can handle both video and audio. I had a Sony reciever a while back that would only pass Video through the HDMI for whatever reason and I had to send audio through SPDIF bleh was annoying. But almost all newer recievers will do both just fine.
Yes, many older HDMI receivers only did a pass-though of HDMI for video switching and did not handle the audio. Caused quite a lot of posts on here also with "My HDMI is not working" issues because people did not read the details of the HDMI connections in the manual or specs. Basically if you see "HDMI Pass-Though", it will not decode the audio for surround sound though the cable.