Fish - I had posted the info below on another forum with a similar question so I thought I'd cut and paste...
Doug
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I can't speak for the Yamaha, but I do own a Sony 4ES and am very happy with it. Since this AVR originally retailed for $1000 or so, this is a good price.
For more info on owner's experiences with the 4ES/7ES line, check out http://www.agoraquest.com/forum.php and search for 4ES. Granted, this is where the Sony fans hang out, but most agree that short of a debate on the power ratings Sony uses, this is a very capable piece of kit. I have had no issues driving my speakers to ear-bleeding levels with no evidence of clipping in either 2 or 6 channel use. It also has an incredible array of inputs (all the digitals are assignable), DSP features (I'm a Sony DSP fan), 2nd room capability, as you mention, the analog direct mode, 5.1 and 7.1 direct inputs, etc.
One of the things I appreciate about the 4ES is how "tweak-able" it is. It has an impressive equalizer function both for each input as well as the overall surround settings, with treble, mid, and bass gain and mid-frequency set point for each of the three ranges. It has all the usual speaker gain modes at .5db steps for balance, and allows for a wide range of bass management settings for all speakers from 40Hz to 200Hz.
Comes with a 5 year warranty as well.
The 4ES does have a 8/4 Ohm switch and is rated to drive 4 Ohm speakers. My Axioms are a mix of 8 and 6 Ohm speakers and I run them at the 8 Ohm setting with no problems. The case rarely gets more than very warm to the touch even at high volume levels - some folks have reported singed fingers with other speakers.
