I recently struggled with the EXACT same issue, and I am also using a denon 3806. This was my conclusion;
The Blue-Ray v. HD-DVD thing will be messy, and there is no word on universal players. The first generation of each will definitely be expensive and the quality will dramatically improve in a year or two. Bottom line, you will be making comprimises somewhere there will be no top of the line solution for everything. Plus, I also have an extensive DVD collection which I would like to be handled well by any player I buy. It is quite possible thqat any blue-ray player will not handle normal DVDs as well as a current top of the line player.
On the other hand.. I didnt want to spned over $1000 now only to buy another in 6 months. I was looking at the Denon DVD-3910 but I settled on the Denon DVD-2910. I purchased it for about $500 dollars, which while not cheap, will allow me to still purchase a first gen HD player. This also ensures that I have a GREAT player for normal DVDs for time to come or at least until the dust settles and I can see a clearer picture of the HD/ Blue Ray Situation.
I'd be interested to hear what others think