If you are going to run 4 ohm speakers on the unit I would suggest the NAD as it is specified to run down to even 2 ohms! While I don't see the Denon having a big problem with the 4 ohm speakers, it will be much less dynamic being that its power is derrived with only 2 channels driven. The power supply would be near it's limit (in the Denon) just driving two 4 ohm speakers simultaneously. Both are good receivers, but with 4 ohms speakers, the NAD gets my vote hands down.