Well, two arguments in favor of separates are (1) a good amp should last you many years, even if (when) processing advances make the receiver or pre/pro's features obsolete, allowing you to replace only part of your investment; and (2) since you have a receiver with pre-amp outputs, you can spread the upgrade cost out over time by buying the amp first and then later getting a pre/pro to replace the receiver.

On the other hand, the Pioneer Elite 49TX and 47TX are both good receivers. The 49TX has been on my pre/pro chart from day one. The 770 is almost certainly a better amp than the 49TX's amp. I don't know how the pre-amp sections compare, but the 950 is certainly hard to beat and offers a few features that the 49TX lacks (more flexible bass management, bass management of the 5.1 analog input). The 49TX also offers some additional features, some of which may or may not be important to you (upconversion of video inputs to component, more inputs and outputs, THX). I suspect that either unit would be sure to please.

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gonk -- Saloon Links | Pre/Pro Comparison Chart | 950 Review