I just upgraded from the Denon 3200 to the 4800 - a great move! I'm using the B&W 603's, CDM-SE, and DS6's for surround.
The 4800 gives you practically everything you need; DD, DTS, THX Ultra, 125wpc and, most important for me, support for THX-EX when I choose to expand (I'll probably just use the 3200 for the extra surround back amplification). Even if I don't ever use the receiver for EX - I feel I've got a great 5.1 THX Ultra system to fill my 16'x28' room.
Also, the 4800 provides analog bypass on the external inputs which will be extremely important when I add the DVD-Audio player.
Anyway, I'm quite partial to the Denon product line - hopefully others will share their own research and views of other products for comparison.
[This message has been edited by Keith AP (edited July 21, 2000).]