It can work for 2ch, and actually serve as a source for a couple of other devices because I've used it this way. I didn't hear any audio advantage using it this way. The bass management is simple and fully manual, but it works.
Rather than an AVR, I'd consider a stereo receiver which typically does have a sub preamp out (no bass management) or something like the Outlaw RR2150 which is a stereo receiver with bass management.