I'm currently using my 1050 as a two-channel reciever and I'm very pleased with its sound. I would just add two things. First, the 1050 does need some burn in time. To me, it seems a touch bright when played right out of the box. Second, there's no phono in on it but you can always add an external phono preamp.
I've would also recommend going out and listening to the offerings from Denon, Onkyo, and the other big names in this price range. They all have something to offer and the final choice is up to your ears; but to me, the 1050's sound wins the contest.