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Modern receivers vs. separates

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How good are highend receivers against separates (DAC + amp) in terms of sound quality? Does the gap between receivers and separates shrinks over the years as technology improves? Are highend receivers a good choice for someone who wants both, hifi stereo setup and home theater in one system?

For example, a $1500 Denon or Marantz receiver against ~$2000 DAC and amp. Will the difference be significant?

It seems in the past few years, the receivers started to catch up nicely by including awesome technologies like ICEpower, Audyssey, pure stereo path, video boards turned-off, etc.

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