Last week I bought a new first iteration of the 3700 (v1). I broke in it's DAC and amp for 120 hours - music into a 6 ohm resistor at 80v peak to peak for 60 hours, and 13hz into a 4 ohm woofer at 7 volts for another 60 hours. Half came in through the digital optical in, the other half on HDMI. I've had the second iteration (v2) for almost a month and it has at least 200 hours of playback, mostly through the HDMI inputs into an 8 ohm 7.2.2 system, sometimes in 2.0 mode with a different set of speakers for music.
I made a thread saying I was going to compare them. I'm also posting here in case people missed it. I've had a lot of experience comparing and tweaking the sound of digital and analog sources. For this comparison I used high end passive studio monitors.
The quality of sound put out by V1 and V2 is similar. But the sound is different, though not hugely.
1.) V1 is more bright than V2, with possibly a bit more resolution in the treble (not related to level/"brightness").
2.) V2's midrange is clearer.
3.) Dynamics are the same.
That's how they compare to each other. Compared to completely neutral electronics:
- V1 is a bit too bright. This can be fixed by cutting the frequencies between 10 and 20khz by about 1-1.5db. Alternately, system matching can be done, buying speakers with a softer top end is a good idea
-V2's frequency response is almost perfect. Its issue is also in the top octave, but in the other direction. Speakers with a flat frequency response would get a 1/4 to 1/2db boost for 10-20khz. Since most speakers have a bit more presence in the very top octave for "air" anyway, no equalization should be required with v2 for the most part.
I found the sound from the first version of the 3700 to be more fatiguing than the second. I didn't equalize the source (my PC with foobar2000 to HDMI) to flatten v1's response at its output so it wasn't as bright, so I'm not sure if the fatigue I experienced was from the treble, or if v1 has more (inaudible but detrimental) distortion, causing listening fatigue.
Anyway, because v2's midrange is clearer and that can't be equalized in, and less equalization is required (none in the case of my Monitor Audio Silver 6/Center/FX and rear wall/front ceiling speakers, I'm keeping the second version of the 3700 and returning the first.
Initially I felt so lucky to have found a 3700 with a 4458 because of all the dread from AKM parts not being available for the season. Turns out, Denon have released a comparable product, and this second version works better with my speakers than the first!