Mateored,
The UMC-1 sounds about the same as an Onkyo or Marantz processor in home theater applications.
HOWEVER.....If you plan to rely heavily on automated EQ I believe that the Marantz is strongest in that area. If you're experienced enough to set up the settings on your own I seriously doubt anyone could tell the UMC-1 apart from most processors while watching Avatar.
HOWEVER Part 2.....On music material including 2 channel audio listening the UMC-1 rises above the others. And I'll also include Denon in that pack. The UMC-1 is an unusually musical processor, so much so that I even tried using with my superb Merlin speakers.
HOWEVER Part 3.....If the UMC-1 is equal or a bit better than processors in the 2-3K range, then I'd really suggest holding of until their new unit is released in the next few months. It will have bugs, but probably less than the UMC-1 did when it was released. I'd give it 2-3 months and get that unit which will most probably BE the so called "giant killer."
Never believe people who haven't owned the gear and are using it currently.
Good luck,
Rob