The lack of BM & TA for the direct inputs is a deal breaker for me. I'm ready to upgrade to a new receiver, and at first I thought the AVR-635 was the one. Supposedly very good room equalization, better than that offered by either Pioneer or Denon at similar price points. However, IMO, not providing the room eq feature for the direct inputs is similar to a TV providing picture controls for the SD input, but no picture controls for the HD input. It means you can not optimize your listening environment for the best source, you can only optimize for the lower quality source.
I'm probably going to wait on the sidelines (currently have a Yam 2095 which has had zero problems and is a solid performer) until the HDMI/i-link sources and receivers or pre-pros have settled in, and see what is going on with the upcoming HD-DVD / Blu-Ray Players. Rumor has it that Sony is going to abandon DSD/SACD format as it is not part of the Blu-Ray standard.
I know that you can always play catch-up with technology, but I'd hate to jump in and find out in six months that the technology I bet on is the loser. At this point no one is sure if the future medium and protocol for Hi-Rez audio is going to be DVD-A or SACD, HD-DVD or Blu-Ray, and HDMI or i-link.
It was over six years ago when I bought my first DVD player and DD/DTS receiver, and I didn't feel like I was gambling that the technology would be abandoned in a year or two, or that it was a half-assed solution filled with compromises. However, that is the way I feel now, so I'll probably wait until the path forward becomes a little clearer.