That is not to say that there are not some very good integrateds out there. I suppose if you had very efficient, high impedance speakers allowing you to get away with a lower powered amplifier you might be able to build a very nice system. If the integrated had preamp outs and amp ins you could add a crossover and subs improving things further.
Are integrated amps technically better than separates?
I'm assuming we are talking same class of amplifier and the integrated has the features you want. I'm thinking the integrated could actually be an improvement over separates due to being a more "direct" connection. Taking away the flexibility factor of separates, is my line of thinking correct?