What I'd like - at least 9ch of processing, HDMI switching, support for latest sound formats. No need for any amps or fancy features. All of this can be done with simple integrated chips now.
If someone did, I'd use it with pro amps which are much cheaper and just as good as the expensive hifi amps. But it seems pre-pro's cost even more than AVR's, and people end up buying high end receivers just to use as a pre-pro.