I was always a 2 channel guy, always using a separate dedicated preamp to drive my amplifier. As I moved into multi channel, I started using receivers, and many of these had preamp outputs. One day, I decided to compare my dedicated preamp, with my receivers preamp outputs. I heard absolutely no difference between my dedicated preamp, and the preamp outputs of my receiver driving my amplifier. Has anyone any comments on this ? Is there any reason a high end receivers preamp outputs can not equal a dedicated preamp sonically ?
So the answer is - it's complicated... literally
A basic traditional analogue pre-amp has to do only two things - clean gain, and switching inputs
A modern AVR has DAC's, ADC's, CPU, GPU, Bluetooth/Network interface, and power amps.
The potential problem areas are all the digital stuff and its potential for noise/hash, (and jitter).
Depending on the AVR, it may or may not have "proper" pure analogue in and out - but in all cases, as soon as you engage any of its DSP functions (cross overs, bass management, Room EQ, surround modes, etc...) - your incoming signal will, if analogue, be passed through the ADC's, converted to digital, and then processed, before going through the DAC's and then to the outputs.
If your incoming signal is digital - then in "pure" mode (for those AVR's that have it) - your signal shoudl be passed straight to the DAC's and out the pre-out - but again, if you engage any processing, it will go through the DSP - and, typically, as the processing is limited to 48kHz, if your incoming stream is over 48Khz it will get downsampled before processing, and then output to the DAC's (in downsampled and processed form).
So there are a lot more steps in the chain potentially, there are a lot more circuits that need to be paid attention to in the design/engineering process, and it is harder to achieve a good clean output...
Having said all that - sites like this one, and the tests that AmirM puts various pieces of equipment through, are one good way of determining how "clean" a specific AVR will be.
A good one should be indistinguishable from a basic preamp (says theory...)
Amir's tests have shown some very well known upmarket brand names in this space, have been a little slipshod in their circuitry hygiene - and their output SINAD is not as clean as it should be.
On the other hand, tests of the Denon AVR's, and the recent Onkyo AVR showed very good preout results.