Summary: I was torn between the Onkyo TX-SR506 and Sony STRDG720, which both have very comparable feature sets (7.1, 3->1 HDMI switch, optical inputs, component pass through) and are in the same price range. Even though I prefer Sony and have several Sony components (TV, PS3, etc), the Amazon sale price and some good brand recommendations tipped me to the Onkyo -- ordered it Friday, and had it on Monday!
Summary: Setup was easy, sound is good, but the lack of HDMI audio is COMPLETELY LAME. How can you put HDMI in huge letters on the front of an audio receiver, and not play audio from HDMI? Yes, I saw "play through" in the product description, but contrary to other reports it DOES NOT say "play-through only", it just says "play through," which in my mind was a plus.