Thanks to Alex for posting that other thread.
You can still use it. It does Dolby Pro-Logic, which is surround sound, but nothing at the level of Dolby Digital or DTS, in my opinion. It could power a new set of speakers, but you'd want to pay attention to the minimum impedance of that unit (which is a true statement for any receiver that you'd get). As for working with a new HDTV, you wouldn't want to route video through that Harmon Kardon, but you could use it for the audio.
Here's my take on it. IMO, a modern receiver in the $200-or-less range (such as the Onkyo TX-SR506) will be better than that receiver in just about every way - if not in every way. For under $200, you can do Dolby Digital and DTS, route high definition video through the receiver, and have about the same amount of power (the Onkyo is rated as higher, but that doesn't mean everything).