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The 3910 has a S/N ratio of 118dB and THD of 0.0009% (DVD-3910 New Model Info) compared to the 5900's S/N ratio of 120dB and THD of 0.0008% (DVD-5900 New Model Info). This may be partially due to the use of different DAC's. Also, the 3910 does not have independent audio and video power supplies like the 5900 and will most likely have a similar analog output stage using budget op amps, resistors and capacitors. Of course, the best way is to listen and compare the two side-by-side when the 3910 is released.
DVD-3910 $1,299.00, available August, 2004. It's essentially the current DVD-5900 with more capabilities, while being much less expensive. It has DVI and HDMI outputs. Dual discrete Analog Devices ADV-7310 12 bit/216MHz video converters. An RS-232 port for two way integrated system control. Denon Link technology for Digital multi-channel audio (DVD-audio only) and bass management.