NAD has been out there on the leading edge of entry-level high-end sound long enough that some audiophiles reckon they <I>invented</I> the category. Sure, we should give serious props to the likes of Creek, Rotel, Musical Fidelity, Arcam, Denon, and Parasound, all of which have made significant contributions to the musical aspirations of budget-conscious pilgrims. But I continue to harbor warm feelings about my last extended visit with an NAD component: the inexpensive yet supremely musical L40 CD Receiver, which I reviewed in the June 2000 <I>Stereophile</I>.