Pros: Audyssey Setup, 7-channel amplifier, Dolby TrueHD, DTS-HD MA
Cons: Only 4 HDMI Inputs, Advanced Setup Can Be Confusing
The receiver serves as the heart of my home theater, and I am very pleased with it.
Setting up the receiver with the included Audyssey microphone was a snap, and calibrating it this way makes a huge difference. The level adjustments are nice, but the biggest difference, in my opinion, is the EQ applied. It really does a fine job of tuning the receiver for the room.
I have the unit set up in 7.1 mode, with two surround back channels, though you can use the extra 2 channels of amplification for front height channels if you choose.
The SR5005 does have Audio Return Channel (ARC), and the ability to power a second zone of audio, though I have not utilized the functions.
As the center of my home theater, I have a TiVo Premiere, AppleTV, Bluray player, and an Xbox 360 and PS3 attached, all via HDMI (I have to use an HDMI switch on the game systems to connect them all via HDMI - a few more HDMI inputs would be nice these days, but there are inexpensive solutions).
There's a decent online display that walks you through Audyssey setup, as well as other more advanced features like manual tweaking of the audio video settings - EQ, speaker size and level, etc, plus custom naming of the inputs. The remote can control pretty much everything on the receiver, though it's not all that intuitive. It's a common layout, though, so you may already be familiar. It's backlit, but that doesn't help too much if you're looking for anything other than playback or source selection.
One thing I haven't quite figured out if there's a way to do yet...an old Sony ES model receiver I had allowed me to save a custom surround setting and a secondary setting for each input. So, I could tell it for video sources to playback DD 5.1 if that was being fed, or switch on the Dolby ProLogic mode for 2 channel audio, yet at the same time to keep the phono input as stereo w/sub. It was really handy, as I hate having to manually select a surround mode, because I usually forget to set it back. If I leave it set on Auto, it works great for DD/DTS encoded material, but plays back plain old stereo on material that is DPL encoded.
Overall, though, this receiver has been a joy. It has a very organic sound with my NHT speakers...crisp and clean without being overly bright or dull. It has the same feel as my Marantz 2235b that lives in the library connected to my turntable - warm and realistic. The amps, while not particularly loud compared to other receivers I've owned, sound strong and powerful. The Avengers really rock the room. American Horror Story via iTunes/AppleTV sounds enormous - surround steering is precisely where it should be.
All in all, I'm extremely pleased with this receiver. The aforementioned Sony ES model was a better unit, but also a lot pricier, and was stolen during a break-in. At 1/3 of the price, this offers closer to 2/3 of the performance.