I currently have an Onkyo '720 receiver. At the time I was on the fence between a mid to high end receiver vs one of Outlaws pre-pros. Both the 1070 and 970 units had many reports of problems that may or may not have been fixed in software. The 990 was a bit more expensive back then.

I still haven't gone blue ray, I'm still waiting for Oppo's new unit to get reviewed (I have one of their DVD machines and love it). Still there is the price difference between DVD and BD software. Blue ray won't catch on till the disks get cheaper.

Since my receiver doesn't handle HDMI (or even DVI) all my video switching is done in the TV (it has 4 hdmi inputs and two component). The Oppo's video processing is better than what the TV and most receivers provide. My HD cable box goes component to the TV (though there is a DVI option).

I'm happy with my current setup, if I were to upgrade it almost seems like the 990 would be enough. The 997 would be able to perform all the video switching, but I seem not to really need it (all I lose is the on screen display from the receiver/pre-pro). The 997 also loses the phono input for what that's worth (I DO use my turntable now and then).
Looks like I might only have a few months left to decide on this, don't know how much longer the 990 will be in the product line. Only problem is that the way the economy is right now I probably won't replace anything that ain't broken.