fabien32, I just revisited this thread now, and I suspect there is some confusion and cross-purpose discussion happening. It's really important to understand that there are 2 distinctly different HDMI interfaces being discussed in this thread:
i) conventional HDMI video-audio interface, in which the digital video and audio signals are processed by an HDMI controller chip. An extension of this standard is "DSD-over-HDMI" - which encrypts DSD data (yes, this is I2S) within conventional HDMI multiplexing methods. I understand that quite a number of SACD players have this feature, but the only receiving devices commercially available which support this feature are Home Theatre Receivers (no DAC's) and even then, only a modest number of HTR's.
The downside of this method is that the digital clocking of HDMI chips yields relatively high jitter.
ii) I2S-over-HDMI interface - This is what Paul McGowan is talking about! There is no digital processing involved - the (weak) I2S signal is amplified by an LVDS transmitter, then connected to an HDMI jack. This is where confusion often arises - "HDMI" is involved only for its physical connector! There is no HDMI-associated processing involved.
This can be a very high quality, low jitter interface, indeed.
The downside is that this interface is quite rare, and your choice of hardware is very limited. Yes, Paul McGowan's "PerfectWave transport" supports I2S-over-HDMI - but it only plays CD and DVD discs - not SACD! There's no off-the-shelf SACD player available which supports I2S-over-HDMI. DSD-over-HDMI, sure, but not I2S-over-HDMI. This is for (Sony) legal/licensing reasons, not technical reasons.
Examples of other playback devices which offer direct I2S output (and optional I2S-to-HDMI) are the Raspberry Pi computer, and a convential PC with Pink Faun I2S Bridge.
So you see that the 2nd option represents (potentially) high end digital audio, but the 1st option not so much.
And the HDMI to I2S adapter that I mentioned in the third post of this forum thread is a kludgey way of adapting the 1st option to the 2nd option. I would only do this if you are determined to play your music from an SACD player. For computer playback, not worth the trouble.