Inferior pre-amp stage???
How did you come up with that conclusion? Are you going to tell me how much better the Amp Section in the 4806 is compared to a DEDICATED 7-Channel Amp? Have you guys bothered to read any the reviews on the Parasound or Outlaw 990, including reveiws from "The Secrets of Home Theater"?
http://www.hometheaterhifi.com/volume_12_4/outlaw-990-ssp-7125-amp-12-2005-part-1.html
No way would I sink that much money into an AVR when you can have the performance and upgradeability of Separates. With Separates all you have to upgrade in the future is your Pre/Pro when new "must have" technologies are introduced; your Amp will always be there.
Take this comment off the Outlaw board from former Denon owners, now granted they are comparing the 3806 which is not nearly the same animal as the 4806, but it's still a case of AVR vs. Separates:
"I owned a Denon 3802 in the past as well. While not identical to the 3806, I'm sure there are quite a few similarities. I went with the 990/7125 combo and I will never look back at another Denon again. No contest.
I was a devout Denon fan, convinced it was the best product out there in a receiver. I was afraid to make the jump to separates because of the cost. But after looking through this forum, seeing Outlaw's price and taking a chance, Denon simply pales in comparison. If you're considering the move, trust me; make the move! You will not regret it."
"I can't say anything about a 3806 either. I use a 3805 in my bedroom. It's ok, warm and rounded and sweet like a bedroom system ought to be but not even on the same planet as a 990."
"There many, many reasons from my experience the 990 outperforms the Denons. It wins hands down in every category, especially in overall sound quality and don't forget the outstanding customer support from Outlaw, try getting that from Denon."