Scott,
I have an Onkyo TX-NR5009(used as a preamp only), which has Audyssey XT32. My last pre pro was an Onkyo PR-SC886, which had Audyssey MultiEQXT. I found that I get better results with a careful manual calibration than using either of these expensive room calibration systems. Even though I have Audyssey, I have it turned off. I would not pay for it again.

The only things that I can see that you are giving up from a more expensive processor are:
1. Balanced outputs, which are unnecessary unless you have noise problems or an exremely long run.
2. A phono preamp section. With the price of this unit, you could buy an excellent external phono preamp and still save a lot of money.
3. Automatic room calibration, which I expressed my opinion of above.

I think this product is a winner. I can't judge the sound quality, not having heard it, but I expect it is very good. If I had not already invested in a good preamp, this unit would fit the bill for me and I could have saved a small fortune.