From what I've read, the 3930 is pretty darn good at audio, too. I'd buy the Denon...
i bot denon a1xv5a flagship dvd (1080p) and sold it in 2 months to purchase esoteric dv60. quite expectedly, denon sounded horrible -- thin, screeching. denon's video quality was also not up to the expected standard when viewed with true 1080p 120 inch sony vw100 projector -- white spots and terrible, unnatural color. esoteric dv60 simply tosses around denon in both sound and video.
do not think upconversion stuff can replace a good fundamental video quality. linn does not upconvert but produces far better color than denon. the same for mcintosh, meridian, etc., etc. if you are budget conscious, go for arcam -- a much better choice than denon.
Get the Mcintosh for great music and playing your DVD's. Get a blue ray for just movies for around $400 which will have a fantastic picture, use fiberoptic into pre-amp and HDMI to video. I just bought a MVP-861 for use as a cd/sacd/dvd audio player in my 2 channel system, I paid $2200. My sony blue ray that I have in my movie projector does not play sacd . I needed 2 machines anyway because the stereo and home theater are in different rooms
According to the HQV Benchmark DVD video tests done at Audioholics, the 3930 is essentially perfect. I wouldn't consider buying any DVD player that has not been tested with the HQV test disc.
If the 3930 is at least as good as the 3910 (which I own) with audio, I'd go with the 3930. The Denon AL24 DSP audio processing sounds quite good to me.