It's there for people who use an A/V receiver that doesn't have HDMI inputs. I used it on my previous receiver for a couple of years. So, it's a fairly important feature to have for someone with a home theater setup.
I've got a somewhat older A/V receiver, from back in the days when most had HDMI pass-through and didn't decode the audio signal (those were quite a bit more expensive at the time). So I use the optical audio out.
What they said^^ I still don't have an HDMI stereo receiver. Before I got an optical cable, I used to use both the HDMI port and the A/V cables- I sent the audio through my receiver and used the HDMI for the video. It was cumbersome and just generally a pain in the ass.
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