I just picked up this receiver to replace my 3500H, yes it's technically a "downgrade" but I don't use the Pre Outs or Audyssey so the HDMI 2.1 was the main reason I switched it out. Not too surprising they sound identical with the same functionality, the big difference is MultEQ is much worse than XT32 when checking the in-room measurements. I use Equalizer APO on PC and just run the Denon in direct mode so that doesn't matter to me though. I thought the power loss might be noticeable but it really isn't, using identical channel trims, my measured SPL is about identical and my volume is around the same level when listening to music. I'd say this is a decent cheap receiver for people looking for something simple that is able to pass through the required HDMI 2.1 signals. Being only $450 at Costco, this would be a good budget AVR for @amirm to review, maybe someone local can get him one?