So people keep saying the 3700 and the 4700 are the same, however in amirm's measurements they do measure differently. When it comes to power output specifically the 4700 seems to have a decent amount mor power. (About 114 watts compared to 124 watts at 8 ohm, 2ch).
Now admittedly this difference isn't huge, but what if you're driving 7.1 or 9.1 channels? Would the power difference be more meaningful then?
While a bit more power is nice, once you understand raising the volume by 3dB requires double the power you start to understand why a 10% difference in power is not noticeable. As far as talking about using stereo versus 7.1 or 9.1 you should understand the available power per channel drops by approx. 20% with 5 channels or more active. So, 114W per channel becomes approx 91W per channel or 124W becomes 99W. An 8W difference will not be audible in any demonstration.
The other fact is if the highest performance with the Denon 3700 or 4700 is desired then the user will switch to pre-out mode and use extremely clean amps like the Monolith 7x200, Purifi, NC502MP, NC252MP or other amps that substantially surpass the internal Denon amp performance.
The real difference in the Denon 4700 compared to the Denon 3700 for me is AURO-3D compatibility, front HDMI (great for REW), dual line display and a better remote. If the user really wants to push performance it will be done with external amps. So, to me it really doesn't matter if the 4700 has zero internal amps. In fact, it might perform even better without any internal amps. It certainly would run cooler.