Entry Level(starter) Receivers

[zodiak]

Ok, guys sorry for the constant back and forth, my situation is this Im looking to start a home theater and want to make a quality purchase regarding the AV Receiver,however Im mostly concerned about the receiver not distorting or effecting video quality while using HDMI.
I have learned most AVR have "HDMI Pass Through" so if using HDMI the PQ will not be effected(if Im mistakedn please let me know), now as for audio Im not that concerned with having a receiver that will blow the roof off(for now atleast...upgraditist will occur Im sure)some thing thats an upgrade from nothing is going to better Im sure.

For budget reasons Im looking to purchase a receiver and the 2 fronts to start,then add the center & sub perhaps in a few months(father of one and expecting a new born in july..this may be my last indulgence for awhile) so
Im trying to be as cost effective as I can.

Now the receiver I have had my eye on the Panasonic elite vsx-03 seems like what I want however as I get closer to making the purchase I keep asking myself if the 500plus price tag is really worth it right now?
Is there a low priced receiver that will provide me with what I need now?

Again Im looking for a start up receiver that will "NOT" effect PQ while using HDMI.

Thanks and sorry for the long post

ps
can you view your tv and have say the receiver using the am radio(I enjoy watching football on the tv and listening to the radio) on all AVR's?

Thanks again for your knowledge