Receiver vs Processor

It seems that the new receivers, regardless of price, are coming with all the latest capabilities, i.e., Ultra THX, EX, 6.1, 7.1, composite video inputs, etc... I already have a 2-channel power amp and multi-channel amp, so I was thinking about using a cheap to mid-level receiver as my processor. Since I will be using quality amps, will the sound be comparable to that of a higher-end dedicated processor. If so, what are some good recommendations for a receiver. I know this will be a slight waste since I won't be using the receivers internal amps, but there is quite a price and capability difference between a mid-level receiver and a quality processor like the DC-1. Also, I don't plan to use this for music, just HT.

Thanks,

Tbone