My 1050 came in to my home and sat around waiting for a week for me to buy speakers, so I can't comment from direct experience. However, if you poke around, lao162, you'll see several posts from people who have done exactly what you're doing now. They all say the same thing.
"My tired old speakers have been given new life. They never sounded so good!"
I think you'd be very happy with the 1050. As to the lack of PL II, I wouldn't worry too much about it. It's new and in this price range you aren't going to find a lot of quality receivers that use it. I still think the 1050 will blow most anything in this price range out of the water.
Plus, if your tv comes in to your home digitally, just hook it up to one of the digital inputs. You can enjoy anything that's actually broadcast in surround. If not, here's the perfect excuse to upgrade to satellite or digital cable...
the Outlaws have incredibly good customer support. I have yet to hear of somebody who needed their help not being completely satisfied.
Finally, there is the 30 day in home trial. If you aren't happy, you can return for refund. Can't really beat that.