I would go with the AVR. Even if all things sound quality wise were equal, the price for dedicated 2-channel is comparatively ridiculous, IMO. Especially if you want to build a system of 100 WPC or more.
Anymore, when I use two-channel separate amps/receivers or integrated, I end up using my vintage equipment instead, and only with actual full range speakers that can reach into the middle 30hz range, or so. The other thing is I opt for significantly more displacement (8" or bigger) speakers when there are no subs.