In our opinion, the Sony offers better value than the Denon, yes. But the Denon remains an excellent option, and should definitely be auditioned: personal opinion has to be the decisive factor, as you note above.
And yes, the receivers were correctly set-up. We always run auto set-up - to see how fast/easy/accurate the procedure is for each receiver, as we know this is what most users will rely on - then tweak manually afterwards using sound pressure meters, tape measures etc.
Clare Newsome is Editor-in-Chief of What Hi-fi? Sound and Vision