i have a denon 3311. i guess my first question is wrt your price point...that will determine alot.
whenever i have denon questions or issues...i use this page from batpig:
http://batpigworld.com/fadq.html
you might also like the 1612 because it has audyssey multieq which will help to correct your room dynamics. there is a post about your receiver here
http://www.avsforum.com/avs-vb/showt...php?p=21139753
and a general discussion about all new denons (xx12) here:
http://www.avsforum.com/avs-vb/showthread.php?t=1334369
essentially, you have a decent, basic 5.1 receiver. if you are streaming...use the xbox. if you are not committed to the bluray platform...i would take the money that you would have spent on the bluray player and put it towards a higher end receiver.
i should also mention that the more you spend on a receiver, the more you should be aware of the speakers you have. if you have a kick butt receiver, but crappy speakers...you should be looking to invest in the speakers.
just my 2 cents!