For headphones, the receiver is going to suck. For audio, the receiver is going to suck.
I would pass on it and wait until you can find something of higher quality. I have a (1 year old) Yamaha RX V465 and it is decent. It at least has HDMI in (4) and an HDMI out. It does all Dolby audio sufficiently for my needs. It's driving some Definitive Technology speakers and outputting LFE to a Polk Audio DSW Pro 600.
I think the sound quality of these speakers is hindered a little bit by this very average receiver. I wasn't really looking to spend a lot of money on my audio equipment when I bought this setup. I will soon be blowing lots of money on audio stuff, though.
So honestly, I wouldn't recommend you waste your efforts on this equipment, even though it is really cheap. I think it would end up collecting dust.