As thornslack m For PCM audio, SPDIF only carries 2 channel as its an AES3 standard . All other bit streams are passthroughs, as ultimately its a linear direction data output, long as its under 25 mbps-ish a second. TrueHD is max of 18 mbps, at 5.1. If I remember correctly 7.2 for the lossless formats is about all the more that SPDIF does. Otherwise you need a higher bandwidth connection, like HDMI.
Also, can confirm as early as 2003 that VLC has had the ability to pass through AC3 (Dolby Digital) and other formats. If you're doing multichannel mixing, generally you're either aggregating multiple outputs, using a connection that does discrete multi-channel (it basically is numb to the fact you're mixing for surround sound) or just going analog to a receiver/mixer/whatever.