I use an AV amp for all my listening / viewing.
Negatives:
* If I'm brutally honest with myself, compared with my previous stereo amp, I do lose a smidgen of detail and outright slam. (This is comparing my Cambridge Azur 640A stereo amp with my current Pioneer VSX-2021 and for a while I was running my old stereo speakers as a Zone 2 off my Pioneer amp, so was able to have a like-for-like comparison). For certain kinds of music, that does matter, although there were negatives associated with my old amp's prowess in this respect (see below). For 80% of the music I enjoy, I don't notice this, but it does show up a little with some classical works and more complex music where there's lots going on in the soundmix at once.
*Size!! - My Pioneer amp (and the accompanying black boxes liberally spread about the room) isn't for the feint-hearted or people with dinky rooms! It's especially deep front to back, which can cause a practical, aesthetic or domestic issue for some.
Positives:
* Sound balance - one side-effect of the slight reduction in the above-mentioned slam, is that my system's balance, particularly over long-listening periods is much more pleasing and less fatiguing. Although this is as much to do with speaker/amp matching than AV vs stereo per se. And my AV amp has introduced strengths to the sound that my Cambridge amp didn't have - especially in the midrange. Female voices sound just wonderful now; lush and fullsome. And the bass available presents stuff with electronica that my old system never knew about (and my neighbours
)
* The soundstage that Extended Stereo offers. This is something you just can't have with a stereo set-up, but I absolutely love it. It's a setting on my AV receiver that allows me to output a stereo signal through all available speakers (a total of 8 midrange drivers, 5 tweeters and a sub). I alter the fader in favour of the front speakers (on the ipad control app) so it sounds natural. The effect this has it quite mesmerising. It places you right in the middle of the music with a huge soundstage (something that my speakers don't do especially well in their own right as they're very 'directional'). For some genres of music, like jazz and latin American, this just makes the whole experience much more like a live set. I would really miss this facility if I ever went back to stereo in the future.
* Feature set. I use Airplay with Spotify a lot. I absolutely love this as I have very wide musical tastes, so exploring new artists this way has been a revelation. I also love the built-in internet radio - the Sky radio stations in New York for example are absolutely fantastic if you like jazz. (a different station is available for each sub-genre of jazz).
* Control app / room EQ. Getting the bass right in any room isn't easy and there are far more adjustments available on most AV amps. The MCACC mic-based automated set-up was superb and well-judged for my room. And I love being able to control my amp and Spotify through my ipad without needing to resort to a separate remote control too.
It's odd that historically you seem to have had to make the choice
between having features (AV set-ups) or not (stereo set-ups), but this does seem to be changing. Manufacturers seem to be waking up to the fact that the way people access music now is so different, that they're having to introduce stereo systems with features. NAD's bluetooth/Airplay amps for example, or the Internet-radio/Spotify-equipped Marantz MCR610.
As much as I love the overall sound from my system, my biggest criticism of it is the sheer visual impact it makes on the room. If I was starting from scratch now, I'd probably go for something much more discreet. Maybe a Naim Unitiqute & NAP 100 with an Airport Express and some decent stand-mounters (something like Monitor Audio GX100 or Neat Petite SX) and at some point in the future I may still go down this route, but I would still miss not only some of the features, but some of the sound qualities of my current AV set-up.
I've tried to be as balanced about this as I can. No doubt other contributors will point out where I haven't been