If you don't require 7.1, and some of the other trappings of the 1120K, why not consider 5.1 models too? Some of the advanced video processing touted by Pioneer on this model might also be something you do not need but are paying a little extra for w/ this particular model.

Keep in mind the second pair wouldn't constitute the extra 2 speakers of 7.1 over 5.1, FWIW. It's A/B switch for that application, or possibly zone 2.

I suggest you also look at older (read, last years) models from both Onkyo & Denon for their combination of price points/feature sets as well. One thing I do like on the 1120K is the front HDMI port (for hooking up HD camcorders, etc.). Nice touch, but of course this is most certainly not the deal breaker for everyone ;).