It can be effective. I use the Marantz for TV and movies with cable box, Roku and Oppo connected by HDMI. For music, I have my server feeding a trio of Mytek DACs that connect via the 7.1 analog inputs. I don't miss Audyssey and other processing because I have DiracLive and DSP in the server. A schizoid setup but it works for me.
What kind of server? How do you get multichannel digital out? I'm looking for options to run multichannel to a jbl 705p, 708p 5.1 setup