I'm not so sure about actives if it's Emit + stereo amp vs. Xeo. The Xeos are close to double the price of the Emits.
I think Emit M10 plus a $500 stereo amp would be better than Xeo 2.
Likewise, Emit M20 plus a $1000 amp would be better Xeo 4
And I'd take Emit M30 plus a $2000 amp over Xeo 6
qirex - Are you building a three channel system, or is this just the first three channels of an eventual 7+ channel full surround rig? If your end goal is three channels, I'd say forget it, stick to stereo. But if this is the first step to a larger system, then I would get the AVR but plan on adding a multichannel amp as your next step. In the meantime, I think you will be short changing the Emits by driving them with a <$1000 multichannel receiver. The problem with inexpensive receivers is that they still have to have all the bells & whistles, so to keep the price low, there is very little budget allocated to the power supply and power amplifier.
HT: Dynaudio C2, Contour S CX, 2x BM14S, Aperion surrounds, Simaudio Titan, Marantz AV8801, Oppo 103, Linn Majik DS, and a Pioneer Kuro
Stereo: Dynaudio Focus 160, Simaudio W-5 LE or Luxman M-600A, Linn Akurate DSM, 2x Rythmik F12G
Other interests: motorcycling, skiing, being active