Yep. The upcoming audio format is DVD-AUDIO. Basically it allows much higher quality, instead of 16 bit 44.1khz you can have 24bit 96khz. This equals more detailed recordings. DVD's can also store more so I'm thinking they'll be some discs released with say a bands whole album collection on 1 disc.
Also another benefit is that you can mix in 5.1. Thus having a full surround sound mix.
So that's why alot of studios are changing and implementing 5.1 setups
You can encode a stereo channel to have surround info using a Dolby Surround Encoder. You also need an encoder to create 5.1 DVD's. Very few home studios are setup to create 5.1 mixes and masters because it is still pretty expensive.
Is their anything that I can process all the channels and mix them down into the unit and copy it to a redbook cd? Like a Alesis masterlink but for 5.1. Is it mostly done with computers? Like nuendo and their dolby encoding plug-in? I have 8 diffrent outputs on my computer now so I could just use that straight to the monitors?