Fed digital data with the volume control at its maximum setting of "99.5," the Grace m902 Reference had a maximum output level of 7.52V at 1kHz from its headphone output and 7.34V from its RCA outputs, both more than 11dB above the CD standard of 2V RMS. The polarity was correct from both sets of outputs; ie, the unit was non-inverting, and the source impedances were very low: 47.5 ohms from the RCAs, 1.5 ohms from the headphone jack (both figures include the series resistance of 6' of interconnect).
The volume control operated in accurate 0.5dB steps,…