These are the test results for this receiver as reported by Sound and Vision Magazine:

Output at clipping (1 kHz into 8 ohms)
1 channel driven: 77 W

5 channels driven: 45 W

6 channels driven: 41 W

Terrible numbers when you consider the advertised 105 watts.

Welcome to Marketing!

It's such BS, you look at AVRs claiming 500W of power and selling for only 300$ If you want true power buy yourself an external amp. You will then see what real watts are.

Take note that the 105 watts specified is for two channel reproduction and the Yamaha should be able to deliver it. And that the 40 watts mesured are at clipping. In normal use, I don't think it should be of great concern and if you use a subwoofer, like you should, it's less of a worry. But it's a fact that the Yamaha's are the most overated receivers regarding true power.