[dugpa]

It depends on the player, but if it has a decoder for it, it sends the real signal to the analog outs. As Ruined pointed out, no player (of either format) decodes DTS-MA, they just extract the lossy DTS core. But as far as TrueHD goes, the Sony BDP-S1 does send the decoded TrueHD signal to the analog outs. At least that's what the firmware update says, I don't actually have any BD discs with TrueHD to test that theory with. But reports online say it's so.
Of course, everyone's favorite BD toy, the PS3, has no analog outs, so it's a moot point there.