fyi:
to the best of my knowledge, hdmi will not pass sacd's dsd bitstream. the dsd will be converted it to pcm before being passed through the hdmi connection. the only way to pass sacd dsd is either via multiple analog connections or via the denon link 3 (which, as we've discussed has it's + and -). you might wanna double check to see if hdmi can pass dsd, but i'm about 98% sure it can't.
kevin t
EDIT:
i just downloaded the manual to dvd-3930ci. it states on page 12 of the english manual, upper left hand corner "The audio signals of the multi and stereo areas of Super Audio CDs are not HDMI output". Looking at the box in the middle right of page 11, it appears that SACD can only pass 2 channel PCM over the HDMI output. with the denon link the manual states that "Digital transfer is possible up to 24-bit/2ch for 192/176.4 kHz, 24-bit/6ch for 96 kHz or less". denon link will pass everything (sacd, dvd-audio, dvd-video, music cd, and video cd in it's highest possible resolution). you might want to just use hdmi for video and denon link for the audio. of course, if you change brands receivers or dvd players, you'll be in a pickle.