Avguy seems to contradict his own statement (no offense), but the AV receivers drop in value as quickly (reference the ability to buy the Denon 38XX-58XX receivers at 10-15 cents on the dollar) as the pre/pros, both suffering from the same cause. The problem is that when the AV receiver needs to be replaced, you are stuck replacing it with another receiver or a pre/pro plus new amplification.
Fact is that I have not really heard any AV Receivers that have anything above entry level amplification (I have listened to the Rotels, Denons, B&K, NAD and others). I owned a B&K 507 S2 AV Receiver and very quicly realized its amplification was its week link - ended up buying a bunch of amps and ran it as a pre/pro. After keeping it for about 6 months I realized this was foolish as the value of it was dropping like crazy and I would be better off selling it and just running with a good pre/pro.
The problem with the budget (and even the non-budget ones) AV receivers is that they are aweful to listen to in 2-channel mode. However, there is still a general weekness even with the good Pre/pro listening in 2-channel mode (which by the way is my priority). I spent the money on a brand new Krell HTS 7.1 latest version with all the current software thinking this should be it, it is a good pre/pro and has a good quality 2-channel based preamp built into it. Two months later I found myself out buying a new 2-channel only pre-amp (Aesthetix Calypso) with HT bypass. Now my pre/pro only gets turned on when I watch movies. Huge improvement.
In reply to the main question, your best bet is to buy a used good pre/pro and good amplification. Replace the pre/pro every 2 years (just staying behind the curve by 1 year) and keep the amplification for 5-10 years. This shouldn't cost more than a couple hundred bucks every 2-years or so. As for HDMI, run the HDMI signal straight to the monitor vs. through your pre/pro (so you don't need one with HDMI) and just bring in the audio signal to the pre/pro.
Fact is that I have not really heard any AV Receivers that have anything above entry level amplification (I have listened to the Rotels, Denons, B&K, NAD and others). I owned a B&K 507 S2 AV Receiver and very quicly realized its amplification was its week link - ended up buying a bunch of amps and ran it as a pre/pro. After keeping it for about 6 months I realized this was foolish as the value of it was dropping like crazy and I would be better off selling it and just running with a good pre/pro.
The problem with the budget (and even the non-budget ones) AV receivers is that they are aweful to listen to in 2-channel mode. However, there is still a general weekness even with the good Pre/pro listening in 2-channel mode (which by the way is my priority). I spent the money on a brand new Krell HTS 7.1 latest version with all the current software thinking this should be it, it is a good pre/pro and has a good quality 2-channel based preamp built into it. Two months later I found myself out buying a new 2-channel only pre-amp (Aesthetix Calypso) with HT bypass. Now my pre/pro only gets turned on when I watch movies. Huge improvement.
In reply to the main question, your best bet is to buy a used good pre/pro and good amplification. Replace the pre/pro every 2 years (just staying behind the curve by 1 year) and keep the amplification for 5-10 years. This shouldn't cost more than a couple hundred bucks every 2-years or so. As for HDMI, run the HDMI signal straight to the monitor vs. through your pre/pro (so you don't need one with HDMI) and just bring in the audio signal to the pre/pro.