Definetly worth a look

PROS

1. Tons of connectivity options
2. Plenty of Power for most speakers
3. Customization of everything
4. On-screen display (use TV to view options instead of front display of receiver)
5. On-board decoding of HD audio formats
6. Calibration mic for ease of use of setting up speaker settings
7. Ability to run every cable to receiver and 1 HDMI cable out to TV

CONS

1. This is definetly not for novice audio hobbyists
2. Instruction manual very difficult to read
3. Remote is a little cluttered
4. Needs more HDMI inputs
5. Clips BTB and WTW (Not that big of a deal)
6. Calibration mic not always right


So this is my take on Yamaha receivers before purchasing this.  Good quality, reliable, great for customizers and audiophiles, are just to name a few.  So when I purchased the receiver, I wasn't dissapointed.  I was able to do so much with this receiver that I was extremely pleased.  This is my first standalone receiver so I may be a little biased because of my old junk all-in-one sound system. SO ANYWAYS.... this my review.

On the back you'll find 2 HDMI inputs.  HDMI serves plenty of purpose in this receiver from HD audio from Blu-ray, HDMI switching, HDMI upconverting for non-HD equipment, and overall the ability to use the best possible connection for video and sound today. I was a little disappointed that it only has 2 (3 or 4 would have been nice), but it's expected I guess for a solid receiver under $500. 

Now what I have hooked up to this receiver speaker-wise is Klipsch Quintet SL fronts and center, Klipsch 12" Sub-12, and 2 S-1's for the surround channels. These speakers tied to this receiver give off a remarkable quality sound, especially with good quality sources like Blu-ray movies and high quality music cd's.

Equipment I have hooked up around back is an HD-DVD player, Playstation 3, Xbox 360, and an HDMI switcher from monoprice. The reason for the switcher is because I needed 3 HDMI alone for this equipment let alone anymore devices I might add later.

Performance wise I couldn't be more pleased.  Setup was pretty simple but then again I work with this stuff on a daily basis and I tuned this exactly to my liking.  This receiver runs super cool even under extreme stress and loud volume.  The only other competition on the market are some of the Onkyo receivers but they tend to run a little on the hot side.  I have my equipment hidden in a closet so ventilation was impossible so I needed something that runs cooler.

Connectivity wise you will be amazed with 7 speaker connections (2 more for presence speakers, or to run outdoor speakers), 2 Subwoofer outputs, plenty of connectivity for component, composite, s-video, rca audio, optical and coaxial inputs.  This also is XM or Sirius ready if your willing to pay for a few pieces to get it.  Also it has an Ipod ready connection if you want to purchase that seperately too.

Overall very pleased beyond a few small gripes.  Here are a few though.

If you want to connect your PC or video games, just know that the receiver will clip off 0-16 (Blacker than Black) and 235-255 (Whiter than White) meaning you may not get the richest possible picture so you may not want to connect your PC/game video feed to the receiver.  BTB and WTW DOES NOT EFFECT ANYTHING ELSE.  DVD's, HD cable or satellite, and Blu-ray movies are all within the 16-235 spectrum.

This needs more HDMI inputs! In this day and age when everything HD uses HDMI, it's important to include more than just 2.

Using the calibration mic is easy but it adjusted my speakers a little wrong in terms of distances and sensitivity.  It also told me one of my speakers was out of phase (which was wrong).  So use the calibration mic at your own risk.  If you don't know how to adjust a receiver this is a good alternative.  Just know it isn't 100% accurate.

HD audio sounds amazing. DolbyTrue HD, DTS-HD, and uncompressed PCM on Blu-ray movies offer a huge increase in quality of sound.  This is why anyone looking for receivers decides to pick this one up.  This is single handily the reason why I was looking at this receiver and decided to buy it.

To sum this whole review up, great receiver, tons of options, and you won't find anything better under $1000.