I think that most consumers are not going to be willing to purchase an external HDMI switching solution to run in parallel with their HDMI 1.pre-4 receivers. It's too much of a PITA. Most consumers who buy receivers expect their receivers to serve not only as the central input switcher for both audio and video but also as scalers. Giving up these functions (or buying an external video processor supporting 1.4) is not not a realistic scenario for most.
I am particularly worried about the people who planned to buy a new receiver in the next 6 months. These are the people who will now put off these purchases until Denon, Onkyo, etc., offer full HDMI 1.4 support--would *anyone* buy a receiver that is obsolete out of the box? Given the shaky economic climate, this can't be good for the receiver manufacturers. I am particularly concerned about Denon, given their current marketing positioning aimed towards a higher-end customer.