This QED LIVE uPLAY is the third bluetooth receiver that I have tried with my (reasonably decent) surround sound system.
The first I tried was Sony's own TDM-BT1 accessory which sounds just awful, and has awful reception. The second was "Belkin Bluetooth Music Receiver" which looks great on paper (Bluetooth EDR etc.) but unfortunately sounds awful as well.
This QED device is worlds apart from the first two. The sound quality is really good. I can't detect any signs of low bit-rate compression (and I shouldn't given the EDR 3Mbps link), and sound over bluetooth sounds just the same as when I use phono cables. In theory any Bluetooth EDR device should not be compressing audio too much (given that CD audio is 1.4Mbps), so I don't know what was going on with the Belkin. I'm mostly using it with Spotify on a HTC (android) phone and a macbook laptop.
Anyway I'd thoroughly recommend this QED device if you're even remotely interested in sound quality. It is more expensive but having learned the hard way, you get what you pay for.
By the way in case you're wondering why I didn't just give up on Bluetooth audio, my motivation was my Creative D100 bluetooth speakers which I have in an another room, which sound excellent so I knew high quality audio over bluetooth was possible.