I have a vsx515. (also DVD recorder DVR-720HS). Quite satisfied with both of them. I can live without built-in HDMI. I can just connect direct to the TV HDMI port. One thing I like about Pioneer is I can find parts easily. Just get it from Menara UniAsia. Everything is there. No headache. Recently I got my setup mic (the MCACC thing) from there.

The midnight mode is for watching movies at night so that you don't have to turn up the volume to hear the centre speaker. Cos if you turn up the volume, the other speakers will be louder too. Therefore too noise it the bomb explodes. That's what I think anyway.