People who buy a Stereo Receiver rather than an AVR are more serious about their sound, and flexibility.
Who knows if a manufacturer will ever see this, but here I go. Feel free to append.
A Stereo Receiver should have these features:
-A Variable loudness control.
-A real Tape Monitor switch (or an EQ loop).
-A High-blend switch for weak FM signals.
-A 3+ band independent L/R Parametric Equalizer
-Pre-out and Amp-in connectors.
-Provisions for Bi-amping with programmable low-pass and high-pass cross-overs, each of them with its outputs in the back, and assignable to the internal amp.
-Trigger output for external amps that follow main power and turns OFF when headphones are inserted.
-Option to power down the internal amp.
I was careful to keep the manufacturing cost for each of these under $2.