Executive Summary Goods: It's well worth $230 price tag that I paid. The sound is good. This receiver is very quiet in terms of noise floor. The stereo separation is excellent. It can create great soundstage where the speakers seem to disappear. The piano sounds great! I loved Diana Krall's Live in Paris on this receiver. Bads: Weak mid / low bass. It can sound slightly dry sometimes. Failed to create the depth of the soundstage. Disclaimer First of all, disclaimer. I don't claim to have "golden ears" or claim to be an audiophile. I don't claim to have the perfect system and listening environment. I'm just an average guy who enjoys music and movies. Equipments used Sony DVP-S7700 as transport Generic Canare LV-77S digital coax cable MSB LinkDAC III Silver RCA interconnect XLO 14 AWG HT speaker cables Revel M20 PS Audio P300 for power Source materials played Miles Davis, Diana Krall, Stan Getz, Antonio Carlos Jobim Review I have auditioned only two channel music this time. Part of the reason is that my HT system is still incomplete. I only have three front channels and a sub. The only system that I can compare to right now is Classe CAP-151 integrated amps. I realize this comparison is not really fair to Panasonic. To its credit though, Panasonic compared surprisingly well to Classe. Musical instruments: The musical instruments sound very good. Piano, trumpet, sax, guitar, bass, and percussion all sounded true and musical. I especially liked now piano sounded on Panasonic. Somehow the piano sounds more "real" than on Classe. Vocals: The vocals sound smooth. Compared to Classe, Panasonic was slightly weak in mid and low base production. As the result I thought the female vocal sounded more, uh, female-like. Soundstage: I thought Panasonic was excellent in producing wide soundstage. The speakers disappear, and you can tell where the instruments are in the soundstage. However, I wasn't able to hear the depth as I did with Classe. Details: Perhaps this was the weakest point that I perceived. Panasonic sounds pretty accurate, but it didn't create the ambience that I was used to. I don't know how to characterize this. It's related to the depth that I mentioned earlier. The sensation of the musicians being right in front of you wasn't there. Overall, I'm pleased with the purchase. The receiver looks really better in person than on the picture. If it weren't for the basic LED display and huge Panasonic logo, you wouldn't know it's mere $230 receiver. It's a keeper for me, well, until I get bitten by the next upgrade bug.