Alright, I've had my sr7005 for a week now, and here are my thoughts: I'm enjoying it very much. I have been tweaking it literally every day since I got it and I feel it's finally dialed in the way I want. I'm coming from a Pioneer Elite sc-25 that I REALLY liked, but I wanted some of the new features for 2010 (HDMI 1.4 and it's advances being the major one), and I figured I'd try something new.
There's a lot of talk about MCACC vs. Audyssey, and I have to say that I had to adjust both pretty significantly (but if I had to pick one FOR MYSELF, it would probably be MCACC because it was closer to my preferences after it did its thing than Audyssey was). Since MCACC doesn't EQ anything below 63Hz, I was using a BFD with the Pioneer, but tried Audyssey without it when I got the Marantz. After running Audyssey, I could immediately tell I would not be selling the BFD, and REW confirmed my by-ear evaluation. To set up my subwoofer, I ran REW through the receiver (after Audyssey) and applied the filters required (which were quite different from the ones required when measuring the sub independently), and was ready to get down to business on the Marantz itself.
Leaving all of the post-Audyssey default settings (DynEq set to "light," DynVol on, and MultiEQ set to "Audyssey"), I did some initial listening to TV (DishNetwork HD), movies (LG BD390), and music (HDMI from my computer's 256-320kbps music files, Internet radio, and Napster). Right off the bat, it was obvious that the subwoofer was WAY too elevated, so I adjusted it by ear since there is no way to run tones that demonstrate how DynEq is applied. I wasn't too thrown off while watching TV or listening to music after I'd adjusted the subwoofer, but movies were a different story. It seemed that the DynEq got "confused" during intense, multi-channel scenes. A good example of this is the tunnel scene in "The Dark Knight" (chapter 20), which I am very familiar with and watch every time I get any new gear. Most of the confusion came in the mid-range frequencies, and is a bit difficult to explain. It seemed like any time there was a loud segment, EVERYTHING got muffled. I then decided I would not be using the DynEq for my movie watching.
Subsequent TV viewing also demonstrated issues with DynEq, so I adjusted the DynEq Reference Level Offset to 10 (as suggested by the manual), and it improved a bit, but I still wasn't thrilled with the overall sound, or the fact that I'd be switching back and forth between "on" and "off," so I decided I'd focus on critical listening with it in the "off" position for all sources. Still on all of the default Audyssey settings (Front-Full Range, Center-60Hz, Surrounds-100Hz, Surround Backs-60Hz), with the exception of me leveling the subwoofer (this time with an SPL meter, since DynEq was off), I wasn't happy with "Audyssey," "Bypass L/R" or "Flat," so I decided to give "Manual" a shot. I've run REW on all of my speakers, so I know their general characteristics, and manually applied them. Finally, I could tell it was much more to my liking, and after a bit more listening and fine-tuning, I'm quite pleased.
I would say that as far as sound quality is concerned, my move from Pioneer to Marantz has been a pretty lateral one (but not disappointing by any means), but the additional features have made it a worthwhile one. The video processing on my 1080i TV signal and Wii are very impressive (the wife even noticed and commented about it--without me bringing it to her attention), and I like the ARC function and all the network options.
As far as negatives are concerned, because the IR sensor doesn't have a very wide range (I'm at a bit of a weird angle with respect to the receiver), and the Wizz remote app is pretty weak right now, I had to order the Bluetooth/IR receiver. This isn't a total loss, because it's not like I had to order JUST an IR receiver, I'll also be gaining Bluetooth connectivity. Another thing that concerns me a bit (probably unnecessarily) is the weight--at almost 29 lbs, it is over 10 lbs lighter than my Pioneer. I know that it seems a bit silly to be griping about, but I like my gear to be tank-like (it's very reassuring).
All in all, I'm very happy with the sr7005. If I had gone from my old Onkyo 705 directly to the Marantz, rather than having the Pioneer in the middle, I'd be ecstatic (that is a compliment to the Marantz, as I really did love my Pioneer). I really thought there was a good chance that after I got everything set up and did some listening, that the 7005 would be going back and I just be sticking with the sc-25, but the fact that the sound quality is at least as good--if not better--and the feature set is so much better, it will be staying.