Well, I have a $2K Denon BD player and a $5,500 Denon Receiver.
After playing around with both Analog Output & Digital Bitstream, I think the digital bitstream sounds better.
This is the same way with my Toshiba HD-XA1. I compared Matrix HDDVD w/ TrueHD Analog 5.1 vs plain DD bitstream (which the XA1 converts to DTS). I actually thought the DD bitstream sounded better than the TrueHD Analog 5.1.
I will "probably" never go back to analog audio.