B.O., welcome. If you're referring primarily to deinterlacing and upscaling features, you're correct that HDTVs and many players include those features and having them in a receiver wouldn't be necessary(although the receiver could at least possibly do those functions better). Whether a "sweet" receiver without those functions(but less expensive)would be an even better option that what you suggest and allow spending more on items which make a real difference(e.g. CDs and DVDs)is up to you.

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Enjoy the music, not the equipment.