I was ultimately debating between the exact same receivers and the Pioneer 1020.
I liked the Onkyo 608 for all the trickle down features of the 707 and HDMI 1.4. The biggest thing it seemed to be missing from the 707 was Audyssey MultEQ- it has 2ch EQ. I've also heard Onkyo's run extremely hot and are not the most reliable receiver out there.
The Pioneer 1020 had HDMI 1.4 and an ethernet jack. Again, this has Pioneer's version of 2ch EQ and not MultEQ. Also, the firmware couldn't be updated through ethernet which I thought was a big loss.
Then a sweet deal on the Denon 2310 came around for maybe $100 more than these two. I realized that I wouldn't be taking advantage of HDMI 1.4 any time soon and wanted MultEQ and a pre-out.
So notwithstanding HDMI 1.4 and an ethernet jack, this receiver is definitely a step up from the Onkyo 608 and Pioneer 1020.