Note that if you have HD on the account either way, it won't cost you any more other than an upfront upgrade fee (and that could get waived depending on a number of things, can't hurt to ask) to also have one for downstairs.
Biggest caveat about any receiver that's potentially not used though is you might be asked to return it if you deactivate the thing for 9 months.
As for connecting the Xbox, you have a Slim, and a HDTV, i'd get an HDMI cable to connect them, or am I missing something?

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