I got the receiver on Thursday and hooked it up that night. Luckily the new receiver is physically identical other than depth and weight as the old one and as a result it fit perfectly into the custom rack shelf. I was able to swap it out rather quickly. Since I was switching to HDMI for both audio and video I was able to remove a few wires. Also the 705 has a HDMI switch built in so I was able to also remove my standalone switch and further simplify my system. The AC outlet on the receiver now switches off when it is put into standby allowing me to properly shut off the rack exhaust fan.
The setup was quite easy thanks to very good on screen display configuration pages. I went through and assigned all the inputs and made a few other changes. The last major step was running though Audyssey MultEQ XT. The receiver came with an omnidirectional microphone that once plugged in starts the testing. You place the mic at several listening positions and it listens for what sounds like submarine pings. This allows it to test the room and determine the best setup for speakers and EQ. It very accurately calculated the speaker position for all the speakers other than the subwoofer.
I can't wait to try some TrueHD and DTS-HD MA tracks to see how they sound. The only downside is it seems to have problems quickly picking up a Dolby Digital signal and playing the sound. This is really obvious when using TiVo functions like 30-sec skip. There is a 1-5 second delay once the video starts. I will be contacting Onkyo to see if there is a fix or workaround.
did you ever get a workaround to the 705 hdmi delay with tivohd