Right on
Of course I'm happy, you have too, even when you're not.
Well, that's cool man, an Onkyo 706 as a pre/pro, for sure nothings' wrong with that. I think that you'll be quite pleased. You'd better stay in touch with us to share your impressions.
The 706 should be fine and have enough power as long that your room is not as big as a mansion.

It has been tested on the test bench, and it still delivers a quite resonable 75 true watts per channel with five channels driven into 8-ohm loads with 0.3% THD. That ain't too shabby at all. Enough power for a fairly sized room at levels loud enough that your ears will give up still before you reach the max volume level.
Just to give you an example, the Sony STR-DA5400ES ($2,000) will deliver 64 watts into five channels also, with the same figures! So, the 706 beats that Sony!
Or the Pioneer Elite VSX-94TXH delivers 84 watts with all the same figures, and again with five channels driven; that's only 9 watts more than the 706.
And that 94TXH retails for $1,600. Ain't that bad at all from your 706, right.
Here's another one, the Yamaha RX-V863 ($1,000) delivers 45 watts per channel with five channels driven. Your 706 has 30 watts more per channel.
So, I'll say that you did pretty good from that aspect of performance, which is one of the major asset.
Cheers & have a lovely day,
Bob