I know, there is no 'best', but...

I would go Meridian, I have had mine for years. The only issue I have is they now require you to bring it to a dealer of software updates, I used to be able to upgrade it myself. If you want analog 2 channel you will have to purchase an analog preamp that has a pass through. Meridian converts all analog input to digital then back to analog if the unit is an analog out to your amps.

If you can hold on for about 6 months, the Emotiva XMC-1 promises to be a giant-killer preprocessor for only $1499...

http://shop.emotiva.com/collections/processors/products/xmc1

-RW-

If good 2 channel is important, then I would go with something that has HT bypass, preamp or integrated amp. This will have the potential for better 2 channel, and give you more flexibility in the future.

That Theta looks like a beast...interesting that it's designed to be upgraded indefinitely, and configurable according to the level of quality I want in the DACs'.

I've heard good about Meridian as well. Analog 2 channel isn't critical, all my sources are digital. (which to many people may mean that 'good 2 channel' is defacto impossible, I realize, but humor me ;) )

I'd noticed the Emotiva before, and they have a good bang-for-buck rep. I'm not in a rush, just looking ahead, and garnering info/opinions on those who've been there/ done that, as opposed to reviewers who love everything. Did I read they are already overdue to release this piece?

I had wondered if a separate, higher quality pre amp might be necessary. From what I've read, many think it is. Curious about how an integrated would work - I could use that as the main 2 channel amp whether I was using the pre (in 2 channel), or the outboard processor (in HT)?

Thanks all! Keep the info coming...I far prefer real-world feedback to magazine hype. A 'goner recommended my 2 channel amp in a thread like this, a name I'd never heard of (Odyssey), and I found one from a different 'goner for sale, a Stratos, and it's been wonderful, a real revelation, so I'm looking for more real users to help me past the hype and (to me) confusing specs and feature lists.

Relatively speaking there are few prepros that are at the level of a good stereo preamp. While those few are no doubt very good, what are the odds that it would be best for you and your system/tastes? And, IMO, the preamp is one of the most critical components to get right. It just seems very limiting when you could have the whole world of stereo preamps to choose from. And although HT bypass is a nice feature, it is not necessary so your choices in stereo preamps needn't be limited by that either. Maybe you'll get lucky and one of the better prepros may also be right for you, but the odds seem much better going the other route.

The other consideration is you'll likely pay up big for one of the better prepros, and a lot of that expense goes for handling the center/surround channels. Personally, I'd rather put more money into a stereo pre (and amp) and use a decent AVR or prepro to handle surround/processing duties. Not familiar with Yamaha's processing, but the Audessey and Pioneer systems seem to get good feedback. But my priority is 2-channel so YMMV. Hope this helps and best of luck.