I seriously looked at the LMC-1, read through its manual (posted online at emotiva.com), and read through many of recent threads on it posted at **********. What I gathered is that the sound quality is great for the price (based on other's opinions, I haven't actually heard the unit). However, it does have some quirks in how it functions, and it lacks some of the features seen in current receivers that cost around $500. The main drawback for me is that it doesn't have audio lip sync delay. I'd recommend doing some research before jumping in, unless your only intent is to get in on the 40% off deal and "flip" the LMC-1 on the secondary market. The Audioholics review is was a little too gushing and didn't mention some of the issues with the LMC-1.
Also, if you're planning on getting in on the new unofficially announced Emotiva pre/pro by the end of this year, I'd be prepared for possible significant delays and make contingency plans if you "have to have" HDMI 1.3 within the next 12-18 months. Emotiva has had some problems meeting their announced ship dates recently. The products that are announced on Emotiva's website as being available by 2/15 originally were supposed to ship last fall. They repeatedly have been pushed back, and as far as I know, they STILL haven't shipped yet. A couple of the products (the MMC-1 and IPS-1) are scaled-down derivatives of products that they've been shipping for over a year now, so I wouldn't have anticipated this much delay in bringing them to market. The new pre/pro is going to be new territory for Emotiva, so I'd be prepared for some significant delays.
Far from being an Emotiva basher, I'm actually planning to buy their products (MMC-1 and LPA-1) when my media room is finished in a couple of months. From everything I've read, they sell very solid products at great prices. However, if I was wanting to buy their products months ago and still waiting for it now, I'd be a little annoyed.