Good points, but I have always grouped receivers and electronics in general into the they'll never hold their value. They are like computers, what you pay $600 for today will be $300 in a few months. I can't future proof my HT, but I would like to possibly make this a purchase that I don't have to repeat anytime soon. I seem to be on the 5-10 year update plan. Having said that, my record player was purchased about 1 year ago and hasn't left the box. A long story on that one.
I can see advantages to both sides where separates offer more options in equipment, but not all of the bells and whistles in a quality package like an AVR does.
Some parts don't need to be replaced when new features come out. Speakers, for example, can be used no matter what new format is developed, and so they are a very good place to put a lot of money. (Also, they affect the sound quality more than anything else, so you should be putting most of your money in them if you are wanting good sound for your money.)
I personally have over $6000 worth (retail price, not resale value) of speakers in my home theater, and I NEVER plan on replacing them.
If you need power amps for your particular speakers, they, too, do not need to be replaced when new features become available. They still will drive your speakers no matter what new features come out, so they,
if needed, are a good investment. For my unpowered subwoofers, I use a power amp, and I NEVER plan on replacing it.
Obviously, something could fail, and then I might have to either repair or replace, but otherwise, there is no need, and so those things may be considered permanent. In the case of speakers, they tend to be very reliable, and if not abused, many can last a lifetime.
Receivers (and preamp/processors), on the other hand, are things where new features are added, and those can make all the difference. So there is a good chance that you will want to replace it in a few years, though how many depends on your particular needs and what, exactly, you buy. But this is where the value drops terribly; someone can still use your 10-year-old speakers and power amp for a modern system, but not your 10-year-old A/V receiver or preamp. So old surround receivers are just not worth much.
That said, what you should get depends on your finances and your needs. Some receivers, like the Yamaha RX-A2020 that you can currently get for $1000, have better video upconversion than the lower models, so if that is needed, then going cheaper will not work. But if you do not need that (or any of its other advantages), then going with a cheaper model makes sense. Eventually, you will probably want to replace whatever receiver you buy now (though I do not know what, exactly, one will need in the future that the RX-A2020 cannot do, as it can pass a 4k signal and even upconvert video to 4k; but rest assured, manufacturers are working on adding things that people will feel the need to get).
