I'll toss out a few benefits of separates (950/7100 or other approaches) over receivers, even pretty nice receivers like the Denon.

- Better isolation of power amplification from signal switching/processing by putting them in separate boxes.
- Typically you can get better amps by buying a power amp than found in most receivers (example -- the Denon 3803's amps are rated to safely drive speakers down to a 6 ohm load, while a good amp like the 7100 can comfortably drive a 4 ohm load). See this thread for a little discussion on this topic.
- More flexible upgrade path. When the next big digital audio format comes along, you can keep your amplifier and upgrade the pre/pro only.

------------------
gonk -- Saloon Links | Pre/Pro Comparison Chart | 950 Review