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Please explain what exactly makes a receiver worthy of carrying THX?
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Paying a licence fee to THX and following their guidelines such as:
Re-EQ option available
80Hz crossover (Bass Management)
Time Alignment (Speaker distance adjustment)
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Is THX a surround format or is it a certification that a receiver has met high standards?
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It has never been a 'high standard' IMHO, just a marketing scheme although some will argue otherwise.
Yes it is.
Here is a breakdown of what THX certification gets you:
http://www.thx.com/mod/techLib/index.html
I could care less whether the gear I purchase has been THX certified or not. Most gear available these days would follow the minimum set by THX and they don't want to increase the price to the consumer by paying for the THX badge on the front panel.