I considered the UMC-1 before deciding upon the Yamaha RX-V1800.
The Emo will give you HDMI connectivity, and the newest audio decoding capabilities, but so will most new receivers.
It's a matter of personal perference. I chose the Yamaha because I trusted the quality that Yamaha has. That's not to say there is anything wrong with Emotiva, I'm very happy with my LPA-1, and the Emo pre-pros would have been a better match cosmetically.
I'm once the new UMC-1 is released, when ever that happens, I'll be wondering "what if....". For a while anyway.