Matthew's right, the 1050 will do a very good job with 5.1 only. You aren't losing anything.
If you do get a 1050, I'll alert you to a setup note that is important to all 5.1 users. It would be advisable to set the center rear speaker to "on" (but don't turn on the Surround 6.1) even though you don't have a sixth speaker because of several Dolby EX DVD's out there (all from last fall) that have an EX flag encoding problem that trips up a lot of 6.1 receivers (Onkyo seemed to get the most reports of it). This only applies to about three movies (Pearl Harbor, Jurassic Park III, and Atlantis -- there may be another, but those are the ones I can think of). Leaving the center surround speaker on is an "Outlaw-approved" way of avoiding the bug for 1050 users.
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