Thanks for the replies. I ordered the VSX-1120-K for $499. This is my first receiver. I will be running just two speakers (with external power amp) for some time and the Pioneer will do the job while I research pre/pros for my future surround setup.

I do need the video processing part of the receiver now (5 sources), and the Pioneer looks promising for that.
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Axiom M80s + QS8s + VP180 <-- Pioneer VSX-1120-K <-- Squeezebox Touch / XBox360 / Oppo BDP-93