I was in your position with two former 7 year old equipment components used for HT. I finally decided to blow them out in order to upgrade to HDMI integration in addition to Dolby True HD and DTS Master Audio.
I chose to invest a modest amount into a current Pioneer Elite VSX-32 receiver because my HT volume demands are now very minimal. The Mrs. crashes early and I'm usually doing late night viewing at modest volume levels. Anyway, having not owned a Pioneer product or receiver for over 30 years I wasn't prepared for what this current line of products does.
The performance in HT is at least as good if not superior to my former separates. Perhaps because my former processor didn't perform Dolby True HD or DTS Master Audio. I'm mighty impressed with the capacity of the Elite VSX-32 to bring movie tracks to life. Its got Anchor Bay Video processing, and its bag of tricks doesn't end there. Some of the features I'm now experiencing as a result of the newer technology in this unit are internet radio, full iPod and iPhone integration, and other bonus features I'd never experienced before. It's a seamless plug and play operation now to watch downloaded movies from my iPhone processed through the receiver and reproduced over the plasma. I've had tons of you tube videos on my phone that are now easily brought to life on a big screen...all for $525 delivered ($800 retail).
Sure, this wouldn't work for someone with huge power demands, but if you're like me and are only pushing a Martin Logan Logos center with Infinity Quadropoles for surrounds, this is an awful lot of bang for the buck. I couldn't be happier with this unit, and I'd heartily recommend it for someone with modest power demands who is seeking to finally upgrade to the latest processors. My only reservation was weather or not it would sufficiently drive my electrostatic center channel without distorting because of it's lower impedance load. That hasn't been an issue, and frankly I've yet to even push it and my ears generally have me reducing the volume during times when I'm viewing movies alone during the day...retirement has its benefits what can I say :)
Audio prudes might scoff at the idea of using a receiver for HT reproduction, but I'll go on record by saying the 110 watt amps of the Elite VSX-32 delivers HT performance with all the accuracy and sonic integrity of the $5k unit it replaced, and then some. I'm very impressed, and I'm not easily impressed.