While not having the latest & greatest version of Audyssey, the AV7005 is still an excellent pre/pro and combined with the MM7055 you are considering, you would be hard pressed to find an AVR that would match this combos performance for your $1500 investment.
The only thing you need to watch out for is the impedance of the speakers you purchase. I don't believe the MM7055 is rated into 4 Ohms; only 6 & 8. So make sure the speakers you select are 6 or 8 and you'll be fine as the amp generates plenty of multi-channel power to get the job done. So go for it and you'll be on your way to a great HT system.
The only thing you need to watch out for is the impedance of the speakers you purchase. I don't believe the MM7055 is rated into 4 Ohms; only 6 & 8. So make sure the speakers you select are 6 or 8 and you'll be fine as the amp generates plenty of multi-channel power to get the job done. So go for it and you'll be on your way to a great HT system.