I use my system this way, and I love it.
IMO, most HT specific equipment, like a mass market reciever, doesn't produce very good SQ.
A few years back, I had a HT bypass setup, going into a Pioneer Elite reciever. One day for kicks, I removed it, and used my two channel gear instead. Lost surround, and a discrete center channel, but gained naturalness, detail, and micro dynamics aplenty.
Never looked back. I play games, watch movies, and TV.
In the end it all depends on what you want. Someone who loves HT sound, usually is trying to replicate movie theater-esque sound. Its a very professional type sound. Huge SPL, bombastic bass, loud, clear, macrodynamic, etc, etc.
If you want something more natural, with vocals for instance, sounding more lifelike, using a high quality two channel set up will get you there.
Of course, if you want to spend 5-10k on a processor that will be outdated in a years time, to attempt to keep all the HT goodies, while closing the SQ gap, you can.
A 10K processor still won't have a DAC section that can compete with a quality 2 channel DAC in the 3K+ range, nevermind competing with the analog section of a well built preamp.
Unless you have unlimited funds, you gotta make compromises.