To Dolby True HD or not to Dolby True HD

I've been into two channel audio for 25 years now and have just recently thought about getting into a separate home theater system for the rest of the family. It seems like you can pick up some pretty capable receivers from the likes of Onkyo, Denon, Pioneer Elite for one to two grand that include all the latest surround formats as well as 7.1 to 9.2 capabilities. Seems pretty impressive.

My question is are you better off getting what I would consider midfi receivers with all the latest processing, or getting older separates that cost bank in their day but going for pretty cheep now and simply use a blu ray player that can output the latest formats in analog to the analog inputs of the higher end separates. Or am I being too harsh referring to the new breed of receivers as midfi? Are Dolby True HD and DTS HD worth it over Dolby Digital and DTS?
Thanks in advance for your comments.