I am a big fan of some Denon models, such as the PMA A110. Not so much of the new Yamaha.
In A/B comparisons with my speakers (Stirling Broadcast 88s/ Borresen X3s/ Philharmonic BMR Towers) the PMA A110 and Yamaha 2100 are not vastly different. Both sound equally powerful, both have a slightly forward presentation (“2nd row” VS more typical “5th row,” going by the ol’ concert hall analogy), and both are very quiet. The Yamaha has greater tube-like lushness/texture in the midrange, while the Denon is less colorful—more typical straight-no-chaser solid state sound. The Denon’s midrange is ever so slightly smoother, probably owing to its class A bias in the first one or two watts and its 2nd-order dominant distortion. However, the Yamaha hits back with stronger bass authority in the lowest two octaves.
If one ignores the fact the Denon has no balanced inputs, and doesn’t have any pre-outs, then it is perhaps the better value, considering both its phono stage and DAC are competitive or even superior to some good stand-alone units. The Yamaha lacks the excellent DAC but is otherwise the more versatile option.
What I find most intriguing about all these Japanese integrateds is the similarities in voicing and design/build. The Luxman 507Z produces the same sort of “2nd row” presentation as that of the Yammie and Denon. In fact, I found the Luxman almost indistinguishable in sound from the A110. All of them have two-prong connection to the mains power. All use EI-Core transformers, and all have similar build quality on balance. Even the ergonomics of the Yamaha and Denon remote controllers are so similar that one would be forgiven for assuming they were designed by the same person.
Anyhow, I’m huge fan of these Japanese integrateds. Everything I’ve owned or trialed from U.S. or European brands doesn’t come close for the money—they’re either sonically inferior or not built nearly as well. That’s especially true with regard to noise floor.