According to the Denon site, the 1920 will do 720p and 1080i, and it is via HDMI only. Sorry to clarify, yes via component 480p would be the max, and that is pretty common for most upconverting DVD players; most do not do upconversion over component.
The main reason for the 5.1 analog output is for DVD-A and SACD because this player cannot pass either digitally. For DVDs, you can use the 5.1 analog connections, however you will not be able to get 6.1 (DD-EX, DTS-ES) this way. Most receivers have better bass management than the player, so for movies I would recommend using a digital connection and let the receiver do the decoding. This is how I run my 2900.