There is some hype to the THX logo. I recall reading a rash of DVD reviews a year or two back where the reviewers kept picking up "THX Certified" discs with disappointing transfers. It seems to have gotten better lately, but I don't know how much of that is because of near-universal improvements in the mastering process lately and how much is due to THX. With equipment, THX certification is a mix of marketing flash and a specific approach to surround sound.
THX certification for speakers is a combination of tests (quality control) and standards for frequency response (THX speaker systems are designed to work around an 80Hz crossover between full range speakers and sub). THX certification for receivers includes THX's own processing -- a variation of Dolby Digital, essentially. Most notably, Dolby initially did not license EX processing to the home theater market for the first two and a half years or so after it was introduced, but THX had THX EX almost immediately -- the only way to get "true" EX processing at the time. The 950 does not include THX processing, but it was one of the first products to include Dolby EX after Dolby began licensing it in late 2001.
How valuable is THX? Very debatable, but personally I agree with stott that it is over-hyped. The 950 includes a robust set of processing -- Dolby Digital and EX, DTS and DTS-ES, Pro Logic II, DTS:NEO6, and the very nice Cirrus Extra Surround. You won't miss the processing modes, and the performance of the 950 is excellent.
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