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In my experience, performance wise, a low-end separates system is about equivalent to a high-end receiver. Click the little green house and go through the history to see what I've had through the years.
My high end receiver experience is an Onkyo Integra 919. Separates are Sherwood/Newcastle AV-P9080/AM-9080 and Outlaw 950. Speakers are B&W DM602.
For flexibility the separates have a very distinct edge. When I wanted to upgrade my preamp it was easy to replace it with another unit with the features I wanted and cheaper than replacing a whole high end receiver.
Philip Hamm
Moderator Emeritus
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