Hi Matt,
I am not sure if we discussed Steve Nugent's Overdrive SE with his final drive bypassing a pre-amp. This setup did surpass my tube 12K preamp and did so by a VERY WIDE margin. This is where Steve Nugent's dac really shines. I have since upgraded my pre to something completely different. The Allnic L5000 DHT. Through complete balanced cabling I have custom modded computer server to Overdrive SE fully modded with all Paul Hynes Regs and all outputs > Allnic L5000 DHT > Emprical Final Drive > Allnice A6000 monoblock 300b. My experience, it took a piece that retails for 20K to add sonic quality beyond what was offered by the Overdrive SE > Final Drive combo.
Steve's dac/pre combo did get best in show during the RMAF last year, used with Vapor speakers.
I disagree with the statement that a musically engaging dac is a dac that adds color. Owning an Overdrive myself, I can tell you first hand seeing the inside, Steve has minimal point to point distance between various components...this dac is well designed, densely pack with quality parts.
There may be benefit in a non-upsampling dac. Again I do not have much to compare it do but both my old Meitner Museatex bidat and Empirical dac (both non-upsampling) best my (for sale) EMM LABS Dac2x. However, I never am able to sell the EMM labs because I am not going to lie, to me Steve's dac best it and at a better price.
For anyone looking for a new setup, I would strongly encourage them to consider bypassing a preamp, and focusing on Dac>Final drive combo. For $9750, with Steve Nugent's current special, you would be hard pressed to find something better. I was unable to at 3x that range. Again, this is my experience. I jumped on Steve's deal last fall (same as today) and after following his gear for the last two year, his stuff never goes on sale...there is no middle man and very little markup.
This is the other thing that frustrates me regarding high end audio gear...there is the public price and the trade price. For those who review gear and get it free or below cost and which I personally question their review as unbiased. Then others with connections acquiring a DAC2x for under 3K. Call me envious or jealous...I admit that, I am. Those bstrds (grin). Knowing Paul Hynes, the chassis and parts used in Steve' dac, I estimate his overhead in materials alone approaches 4K.
I posted this in 2012 when I first heard his dac, and it applies today: "Regarding the Overdrive SE stock vs. upgraded Analog Hynes Regulators and CUTF coupling caps: My impression was Steve himself preferred stock over the upgrades. The differences were subtle for rock performances, with stock giving a more stage presence allowing my visceral experience of being at a Bonnie Raitt concert. Personally, for what I listen to, I much preferred the upgrades. To me this sounded like the performer was 5 – 10 feet away with a very real 3d effect. I would move to different aspects of the room and that person is still playing in the same spot. The other detail I would sense is when a musician will pluck a chord flat or not. Very often at musical events that are really impressive, I close my eyes and enjoy the music. Eyes closed, this performance seemed no difference. Also, if you enjoy piano, go with the upgrades…I have never heard piano in any reference system sound like this."
I have a third dac for review that will be of interest and I will compare it to both the EMM and Empirical. Allnic D5000 DHT. Anyone in the Oregon region would be interested, please PM me.
Trialing many high end dacs together is difficult. This is why I initially purchased the EMM, sans audition. No one local carried high end dacs. EMM is a great dac, it is precise, neutral, and detailed. It however for me is not engaging. I believe Steve's dac would challenge many vinyl rigs and envelopes you into the experience.
Now take this DAC and VH audio Plasmatron 3A unit and you will find sonic bliss.