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JA-your review of this MF DAC could not come at a better time. DACs are a hot product category with more offerings in all price ranges than ever before. Being a headphone enthusiast, I can tell you that among young burgeoning audiophiles worldwide (particularly space-craved European and Asian enthusiasts who frequently use computers and headphones in bedroom or tiny apartment rigs), DACs are a constant topic of discussion on headphone oriented audio sites (I would name the most trafficed one but am not sure that is permitted in this forum).
I LOVE this review because here we have a no-nonsense product from a very well respected manufacturer that has "measurements beyond reproach" and yet the sound is respectable, but not state of the art. It is "Exhibit A" to that old but absolutely undeniable chestnut that "If the sound quaility and the measurements don't coincide, you must not be measuring the things that matter the most". From time to time Stereophile has published long essays on a particular topic of facination i.e. cartridge alignment theory. I look forward to the day when someone as well versed in independant engineering as you, dear JA, undertakes a similar essay and takes a very hard look at what sets apart the state of the art DACs from the merely respectable in terms of design and implementation. Perhaps some input from someone like Gordon Rankin, whom I gather is one of this world's leading software engineers and experts on digital audio would assist in the essay. Is the size and sophisticatioin of the power supply and it's isolation from the digital components a fundamental aspect? Are operating temperature control (the so-called oven) for the DAC and clocking circuitry critical? Is the recreation or simulation of "real" (as in naturally rounded" soundwaves rather than the notched one we see via scope a critical goal? Where are the current engineering short-comings that need to be overtaken before digital recording and playback can have an absolute break-through in SQ? Just my thoughts, likely to be worth 2 sense and not more.