Low preamp-out voltage and meagre all channel power performance. That's why I prefer the D & M products.
I think Yamaha should rather concentrate on motorcycles, their first marketed products!
I think you have to consider the price point. The 860 is at the entry level of Yamaha AVR that comes with preout. If Gene runs the same tests on a Denon AVR-3300 or Marantz SR5011, he may get the same results, due to manufacturers try to save literally $1 or 2 by going with the cheapest OPA, same goes for the DAC, they are cheap but there are cheaper ones.
That's why I always recommend the second level (that offers preouts) such as the AVR-4XXX, SR60XX and RX-A10X0 and up.
According to the manual:
RX-A860 pre out:1V/1.2kohm, Max 1.6V
RX-A1060 Pre out: 1V/470 ohm, Max. 2.0V or more
I like the fact that they do give a little more information, that is, including the maximum and the load impedance for the nominal. Based on Gene's findings, the specs seems like a honest one.