Here are my reactions to the ad:
1) The overall look is, well, I would not say "amateurish," but it's just not as elegant or professional looking as something I would expect to see from a company with a big advertising budget. On the other hand, the low-budget look of the ad may actually be exactly what you want, because it echoes Outlaw's philosophy of no-frills, high-value products.
2) "Outlaw" to me suggests the Wild West, not Robin Hood. Building brand identity and recognition requires consistency in the theme of your advertising. Stick to cowboys. On that note, though, I honestly don't like either the name or the logo of the company. Somehow just not sexy enough, and just a strange name for a high-end audio company. (There, I said it. Am I still eligible for the $250 prize?)
3) Use the word "audiophile" in the copy. It is a good word that sets the 1070 apart from mass-market receivers.
4) It would be highly desirable to include a brief quote or excerpt from a professional review praising the 1070. This is very important especially for a relatively young company without much history or name recognition.
5) The binding posts and gold-plated RCA connections are a selling point. Show them in a photo or at least mention them in the copy.
6) Consider saying something like "As a Web-based company already famous for our customer service, we can offer audiophile products at unheard-of prices with no dealer markup." Put the website in boldface, or somehow make it more prominent.