The previous model doesn’t support 6-channel 48kHz bitstream audio, which prevents it from advertising full Atmos support over eARC. It also is clearly hitting CPU limits given occasional hiccups in audio processing, that are worst in the N-2 edition but still present in N-1.

If the new one fixes this, $300 for an eArc-to-HomePod HDMI receiver that can run streaming apps and set up room-measured Atmos is rather cheap.