The 950/770 combo is certainly more first cost than the 1050, but it does offer a lot for that money, particularly the 950. Maybe the best bet would be to scope out what speakers you like (as you are about to start doing) and get a feel for how that meshes with your overall budget. DefTech is worth a look; you might try to add B&W, Paradigm (particularly the Reference line), and KEF. Those are just a few thoughts; a quick spin through the Speakers forum will likely unearth a few more.

How about a third option somewhere in between -- a 950, 750, and a smaller 2-channel amp for center surrounds. The 950's feature set is pretty much cutting edge, and will be able to last a long time (which gives it a bit of an edge over the 1050 in this case). Likewise, the 750 (which is about $700 less than the 770) is a solid, well-regarded piece of gear that should be useful for a long, long time. A decent used 2-channel amp could be had for a couple hundred dollars or so, saving you a potentially $500 or so.