It all depends on how you have your BD player setup. If you set the player to bitstream, then you'll send the DTS-HD MA signal to the TV for the TV to do the decoding. If it can handle decoding it, you'll hear a downmixed lossless version. If it can only handle decoding DTS, then you'll hear downmixed lossy. If neither, then you'll probably get no sound. In that event, you can have the BD player handle the decoding and output to a variety of formats which would include PCM stereo and PCM surround.

One thing's for sure, you'll need to ensure that you aren't using dynamic range compression.

To get the best experience, you'll want to use a nice surround sound system with speakers that match the room acoustics. My personal choice is a mix of horn loaded Klipsch and Bic America speakers driven by a Denon receiver. (Yeah, yeah, timbre matching is best, but when I like what I like, then that's what I go with :P )