Set my SR-120 up last week, and while I don't quite think it's a once-in-a-lifetime deal, it is pretty awesome. Some thoughts:
-Simply put, it sounds phenomenal. This is what I was hoping for. Going from my B&K, I have as good or better build and amp quality, but now with high-res audio (both analog and digital). Punchy, tight bass. Clear dialog, even and especially with all kinds of other crazy stuff going on in the soundtrack. Super-full surround field with only a 5.1 setup (Atlantic Tech 350's + Snell ICS Sub24 Mk3). Clean, punchy, with zero strain when cranked. Really good stuff.
-Room EQ for doing the levels and distances was quite accurate (though the mic cord is a tad on the short side). As far as the actual EQ slopes go, still testing those out. I'm leaning towards just having it off. The effect is more pronounced with broadcast soundtracks (not as much on movies). It just sounds "different." We'll see. Again, everything still sounds awesome even with EQ off, and I certainly don't have the best room in the world for dedicated listening.
-Being able to create a "source" that uses whatever separate audio and video sources is nice. As an example, I have two "sources" for my Oppo: one that uses analog audio, and one that uses HDMI audio. You can also set Room EQ per source (or off), if you have different settings (up to 3). Overall flexibility is pretty great.
-Build quality is pretty crazy. I thought my old B&K 505 was big, but this thing is a total beast. Actual weight of the unit, at least according to my scale, is a bit less than 65lbs (not the 77lbs I was expecting). Total package weight (with included accessories, like rack mount ears, Room EQ mic, and the ridiculous remote) is around 75lbs. Reason I had to figure this out is my shelves are max capacity 75lbs.
-The video processing is not good. More importantly, it is not defeatable. This is a real shame. Reading reviews of the UMC-1, I was already prepared for this, but seeing it in action is a letdown nonetheless. Pass-through wouldn't even work for me (perhaps because I have an HDMI switch and DVI-HDMI booster/adapter in my video chain, who knows). Setting at 1080p and viewing HTPC, Oppo, DirecTV and PS3 sources, it's immediately apparent there is a smoothing effect, especially noticeable with text, that you cannot get rid of, even when turning Sharpness all the way down. It's not crazy horrible, but there is no doubt it's there. As such, I'm running all my video separate from the SR-120. Luckily, this can be done with both the Oppo and HTPC and keep HD audio. Not so much with the PS3 and have to use toslink (also using toslink for DirecTV, but it's moot since there's no HD audio for that source).
-No direct trim controls for center, sub, surrounds, etc. (have to go into the menu). Now, I haven't felt the need for this, anyway (I was used to having this on the B&K for turning up the sub, etc.), but it's a bit of a bummer they don't exist. I even grabbed the UMC-1 IR commands (which does have dedicated trim controls) in hopes it would work with the SR-120, but no go.
-Can be a tad slow locking into the source audio signal. For example, if I switch from my Oppo to my DirecTV, it can take a second or two for the audio to kick in. B&K was definitely faster.
-While you can dim the VFD, you cannot dim the amp (or power) lights, and those are pretty bright. Had to cover with some black vinyl.
Overall, an outstanding audio upgrade for only 460 bucks.