Jay
kbeartx is right about the phono -- you'll need a phono preamp (or use an old receiver with a phono input -- you could probably hook the turntable up to the old receiver, and run the tape loop out from the old receiver to the 1050; clumsy, but an option nonetheless) for the turntable.
As for the digital inputs, you've only got one device that will have a digital output -- the DVD player. An HDTV decoder would also have one at some point in the future. That's two digital connections. The 1050 has 3. You should be fine on digital inputs unless your DVD player and future HDTV decoder both have coaxial outputs only (it might not hurt to watch for a DVD player that offers coaxial and optical outputs, as it gives you some flexibility).
Component video switching is not really critical. In the price range of the 1050, it's probably not even very desirable; it's hard to get really good component video switching in a receiver in this price range, especially switching that will support HDTV. Best bet is to go directly from the DVD player (and eventually the HDTV decoder, assuming the HDTV decoder is separate from the TV), which eliminates any need for switching.
Comments about the absence of DPL II are referring to the new Dolby Pro Logic II (a major revamp to the old Pro Logic). It offers surround sound decoding from analog sources like VCR's and Cable TV that sound somewhere between original DPL and the true digial formats Dolby Digital and DTS.
Last comment is about the sub. It's apparently an awesome sub, but you will need to buy an amp to drive it (I mention this because of a comment recently here about using one of the 1050's channels to drive that exact sub, which can't really be done).
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Gonk