I've got a 2200 serving duty in my system. I bought it based on the sound quality, picture was secondary. I cannot compare to the Elite, never heard/seen it... but I can tell you that the 2200, which is supposedly very similar to the 2900 (but with newer DACs), does a fine job.
SACD and DVD-A playback is also superb, the primary reason I bought it.
I'd suggest you go back and compare again, but this time turn-off all bass-mgmt for SACD/DVD-A playback. There should be a "filter" setting in the audio menu, turn it off. Denon (and probably everyone else) did a crappy job, in my opinion, with bass mgmt.. I'd steer clear form it.
mike