Sure, that's your choice. You are not the only one who believes separates are better. They really should be better but at a much higher price point, I would guess 2 to 3X for marginally better performance. For me, I think I am going to go the other way. I paid more than $3K less than 3 years ago on the Marantz flag ship prepro. When the time come I will likely get an AVR, but still use it to drive my power amps. For 2 channel listening I will always stick with separates, though I do have one 2 channel system that I am still using an old 7.1 channel AVR with great success.
Regarding preout levels, as an example, here's a review on the AVR-X5200W, the preouts reached 4.5V rms on every channel, unclipped, spec just say 1.2V, unqualified.
http://www.audioholics.com/av-receiver-reviews/denon-avr-x5200w/measurements
Some of the later model Yamaha RX-A AVRs does specify a little more info, such as 1 V at 470 ohms, maximum 2V or more.., that means it could be much more in real world situation when the input impedance of power amps are much higher than 470 ohms, likely at least several times that.