I currently own a 1600 and have auditioned the 5900 in my same system. The 5900 is on back order 
I can only speak on the component side. I evaluated both the 5900 and Pioneer 59 in this thread
The 5900 has DVI not HDMI. The video quality and especially audio quality of the 5900 is better the 1600 in every aspect IMHO in my system especially for redbook CD. For specifics see the above thread. Is it worth the price difference? I would say for most people "No". For those who want the top end stuff and have top end gear properly calibrated and are willing to take a hit in the diminishing returns area (me!) then yes, the price difference is justified.
I can only speak on the component side. I evaluated both the 5900 and Pioneer 59 in this thread
The 5900 has DVI not HDMI. The video quality and especially audio quality of the 5900 is better the 1600 in every aspect IMHO in my system especially for redbook CD. For specifics see the above thread. Is it worth the price difference? I would say for most people "No". For those who want the top end stuff and have top end gear properly calibrated and are willing to take a hit in the diminishing returns area (me!) then yes, the price difference is justified.