I've been having this audio problem since I brought home my XB1. I have it connected via HDMI to my Panasonic vsx920 surround receiver, and all is fine in games. Sound is fine, surround is fine, no problems.
But as soon as I play video content - Amazon Lovefilm, Netflix, Game trailers on Xbox Store, the audio sounds horrible. Like I'm inside an empty can or something, really bad stereo (only 2 speakers go active) and no bass whatsoever.
Any ideas? Tried tinkering with pretty much any setting I can think of.