Since this is a hot one let me add some fuel to the fire here as I have just started to do some research into this. I talked with Dave Moulton who is a recording engineer who does surround, and consults with firms doing the megabuck surround installations in this area. For more info try
www.moultonlabs.com
In any case we were talking about this general subject very recently. Typically peaks for HT or Multi Channel are 20 mS to 25 mS in duration and most of this is bass. Typical spl peaks are 110db/spl at the loudspeaker and Dave tells me that practically no one can stand peaks any higher than this, because this starts to get well......uncomfortable. These peaks can happen in two to three channels simultaneously. Usually the sub, and right and left front. It is extremely rare (when the movie goes into an end of the galaxy routine) that peaks occur in all 5 channels, and if they do the spl peaks at the speaker are down to 100 db/spl.( approximately 10 watts peak?) Think about 5 or 6 speakers coming at you with those levels!
Now if we are using an HT set up with a powered sub, then the duration of the peaks go down for the receiver, probably in the range of 10mS at most. If we are using a 90db/spl speaker (typical for HT) than 100 watts peak (110db/spl at the speaker), and the speaker is the typical 8 ohms nominal with an absolute minimum of 4 ohms, then as far as I can tell the receiver is not asked to do a heckuva lot.
If the system has no powered sub, then the demands come up to 25 mS for two to three channels. It appears at this point, unless your running some of the heftier receivers, you may have issues.
Hope this helps;
d.b.