From the little I've heard about the HK, it sounds like a solid performer.
Here's my (admittedly now biased) $.02:
I'm EXTREMELY happy with the Onkyo TXSR 805, the "step up" from the 605; it's the best AVR I've ever owned, and I'm coming off Denons and Pio Elites.
All reviews (pro and "average user") of the 605 have been overwhelmingly favorable; here's a good place to start:
http://www.hometheatermag.com/receivers/807onk605/
There's also a HUGE thread at AVS forums.
The only problem is that the price might take a bit of time to come down, but refurbs (whenever they come available) might also be an option. And given that Onkyo enjoys much wider commercial distribution than Denon and PE, discounts at big box B&Ms shouldn't be too difficult to find (though I'm speaking from knowledge of places here in the States; milage might vary in Canada).
All I know for sure is this: Onkyo (a brand I'd been happy with before, but not overwhelmed by) didn't just step up to the plate with their new line, they left the plate behind in the dust. And the future-proofing offered by the 605 alone might be worth the extra cash.