Many old receivers are really nice sounding headphone outputs.
As far as modern, readily available stuff goes, the Marantz and Yamaha Natural Sound receivers have probably the nicest headphone ports. The Pioneer Elite headphone outs are not as well implemented IMO.
My only problem with some headphone outputs on the older receivers is that they sometimes drive the headphone port from what is not the best component on the system. For instance, I have a Yamaha Natural Sound CA-600 which is a nice amp and can be found for about $150 in good condition. The pre-amp outputs and the pre-amp in general on the receiver is one of the best I have ever heard (The speaker outputs are darn nice too). However, instead of driving from the pre-amp, it has its own circuit which is integrated from the power amp section. Every part of it is a discrete design, so it bests the headphone out of a Zhaolu no problem as well as many other $100 or so DIY designs. I use the pre-amp outputs to my Headphone amp and get a large step up in sound. Keep in mind that my headphone amp represents $250 in parts and my CA-600 is $150.
The top models of the mid-late 70's (something which costed MSRP$300+ in the mid 70's) should still be better than MSRP$900 new receiver now. The Dynaco amps which are older are still kicking hard due to great design in running all of the tube and such under spec. Most of these nicely kept receivers might just need a recap of the electrolytics. If you pick up a cheap $25 amp from the 60-70's and it does not work or just sounds bad. If not interested in fixing it, you can pluck off some really nice parts. I have ended up with some very nice PIO caps, transformers, switches, etc. which would have costed me MUCH more than the old receiver did.
There is no harm in trying and it is a very good option for those on a budget or just also need a speaker amp.