You want to be king of the hill get Lexicon or JBL rebadge
A good Pre-Pro beats AVR anytime.
http://www.lexicon.com/products/overview.asp?ID=19
I think in terms of "reputation", but certainly not in terms of actual measured specifications.
If you compare the $10,000 Lexicon MC-12 to the Denon 3808 or Onkyo 805/875 or Integra receivers, etc., you will see that these receivers actually have better measurements in the areas of THD, SNR, & Frequency Response. When you compare this $10K Lexicon to the Z11 or AVR-5308, these receivers beat the MC12 in all four areas of THD, SNR, Crosstalk, and Frequency Response.
In addition, the Lexicon doesn't even have decoding for TrueHD, DTS-HD, etc.
However, I bet the built quality for the Lexicon is better than any of these receivers.
So you win some, and you lose some.
I don't think it's fair to just say a good pre-pro beats all receivers in every category.
Now the Denon AVP-A1HDCI pre-pro beats every single receiver in every single category including measured specifications.
But here is the kicker. Every single pre-pro has to go through an amplifier.
And just how good is that amplifier in terms of actual measurements?
You are only as strong as your weakest link.
Let's say your amplifier has THD of 0.05%, SNR of 90dB, Freq Resp of 20 Hz - 20 kHz +/- 0.5dB, & Crosstalk of 70 dB, & 150 WPC @ 8 ohms, which are all pretty good. Then even the AVP-A1HDCI hooked up to this amp won't beat the specs of the AVR-5308 or Z11.
That is what I think.