1. Sound quality
2. Price
3. Automatic set-up
4. Extensive signal handling and switching
5. HDMI switching
6. Video processing and scaling
Sound quality and reliability are still the most important features to me in a receiver or processor. Auto set-up is a nice feature for beginners and for those of us who are lazy enough to want a simple starting point that can be tweaked by hand as time permits.
Quality inputs and switching is a convenient feature, but I'd be willing to forego exotic inputs and processing in favor of reliable standard features that offer trouble-free high performance in basic areas.
Price is always a factor for me, and I always have my eyes open for affordable upgrades to my system. Some of the affordable "beginner" separates on the market have had their share of quirks and bugs, and an affordable and reliable product is what hits the mark for me.
Thanks for the contest...and good luck to all!