It's true that some needed features come along with uneeded features.
You should decide if you want HDMI or not. HDMI 1.1 is required to run lossless audio from Blu-ray or HD DVD. If lossless audio from Blu-ray or HD DVD is something you don't see yourself wanting, then you can save a lot of money.
Are you using your receiver for AV switching, or your display?
Receivers have really added a lot without going up in price since I bought my first stereo only Yamaha. I bring this up, because I don't really think you are paying much more for some features. And large manufacturers seem to be able to amortize the development cost over a large base of receivers.
So I would not be too concerned with paying for DSP, just don't use it.
The Yamaha RX-659 got a good review on this site. It lacks HDMI, so it's a good fit if you don't need it. It probably has upconversion to component video, but that's helpful if you want to use it for video switching and all your video components don't have component video. There is also an HTR model which is almost identical.