How Important Are SOA Home Theater Processors?

The processor is the heart of a home theater. Every source goes in, is processed, flavored with DSP, and sent to the various channels. I wonder how much difference there is between an entry level processor (NOT a receiver, a separate) and a flagship? Is squeezing more and more features into the same box a positive? Are you paying for features like Imax Enhanced or DTS-X with very little content on discs and even less content being streamed? Do you really need more than a 7.2.4 setup? Do you really need SOA room correction or simply good room correction in a well treated room? Does it make sense to have the $$$ DAC in your processor when you know it will get stale in 5 years or better to put the money saved from an upgrade into a separate DAC? I see prices going up but question a lot of these additional channels/features as an upgrade, maybe just different rather than better.

Anyone do a processor upgrade and feel underwhelmed by their investment? Anyone do a processor upgrade and was blown away?