I don't know the new unit but did own a PT-7010A surround processor and 7/2100A 7-channel amp from them a few years ago and can tell you that all things remaining equal, the recommendation from your friend is a good one. Sherbourn has always built extremely good performance for the dollar with rock solid quality that performs extremely well. They offer as many or more of the same features found on much higher priced HT equipment. Their support of formats, both input and output, their customer service, etc...were all first rate when I had their equipment. The 7020c4 offers all the most desirable input and output formats from what I can see together with a known and very performant video scaling and switching section capable of 'Deep Color' HD and virtually everything you could want at a reasonable price. They also offer full 192kbps compliance at a much lower price than alot of their competition.
On balance, I did find better "high-end" audio output quality for pure 2-channel playback and better post-processing options (THX-related) for home theater in a Classe SSP-600 and subsequently SSP-800 however my needs were Home Theater plus 2-channel audio and I also made changes in my amplification after 2 happy years with the Sherbourn equipment so my switching out over time was based upon other factors and came to a much higher price tag.
On balance, I did find better "high-end" audio output quality for pure 2-channel playback and better post-processing options (THX-related) for home theater in a Classe SSP-600 and subsequently SSP-800 however my needs were Home Theater plus 2-channel audio and I also made changes in my amplification after 2 happy years with the Sherbourn equipment so my switching out over time was based upon other factors and came to a much higher price tag.