First released in 2005, this receiver may be aging a bit, but it's still a dream piece of equipment for any home system. Because of it's age, it may not have all the cabling inputs you desire, so be sure to check the pictures of the back before purchasing. Especially in the video area, the processing and features can be a bit outdated (although it easily handles HDMI) In addition the menuing system may take a bit to pick up.
That's the things to watch out for, but the rest of it is all good! The receiver doesn't have an equalizer or a bass/treble control in the default mode -- true audophiles know that adding the extra circuitry can introduce noise into the system. If you'd like those features, simply enter bypass mode. One of the awesome features of this receiver is it's ability to skip the digital processing and provide a clear analog amp capability. Very nice.
As the price continues to drop, the GFR-700HD becomes more and more of a bargain. You can easily find it around or under $1000, and as time goes on the prices should get even better. Be sure to verify that the dealer is a primary owner, though. You don't want to take too much of a discount and end up without warranty or tech support.
This receiver makes an especially nice addition to a serious audiophile's mixed-mode system (a system consisting of both digital and analog devices). Like most audio gear, you'll need to give the amp time to "burn in", but once you do you'll be rewarded with a deep, broad, and detailed sound environment that will be the envy of your friends. As you setup the system, make sure those cable polarities are correct!
All in all, the GFR-700HD is a very high quality reciever at an increasingly affordable price, making for a nice pickup for the audio nerd in your life.