I have a different take on it. Your NAD will have a better amplifier inside of it. With a torrodial power transformer. I am going to guess that it is some sort of digital amplifier inside but likely has some analog domain inside it as well.

The Denon is pure digital. So you are loosing out on some of the warmth that you are use to with the NAD. I found from my own experience that every receiver that i have bought since 2005 have sounded empty. All except the last unit, the Anthem. That however cost far more than I generally paid in the past.

I don't know if the digital domain gets the same sound when it is done on the cheep.


Anthem: AVM60, Fosi DAC-Q5
Axiom: ADA1500, LFR1100 Actiive, QS8, EP500, M3, M3comp, M5