Suppose I wanted to connect my laptop to my receiver (HDMI in) which then went to my TV (HDMI out). I would have to get mini DisplayPort to DisplayPort adapter then connect with a DisplayPort to HDMI cable?
You gotta figure a mini DisplayPort -> HDMI adapter will be made by somebody soon, whether it's Apple or someone else. But until it is, you're right, it is too many adapters to chain.