hi tbg:
do you recall the "sound" of the original zanden??
if so, why do you prefer the exemplar ??
i have heard some of the earlier exemplar dacs. i would agree that they are high quality components, but as a matter of taste, i don't recall hearing a "classic" tube sound.
i think some of the early wavelength dacs are worthy competition for exemplar.
with regard to bringing up the "old" issue of tubes vs solid state, i thought that the context of the sonic superiority of sacd over pcm, could be overcome by a properly selected tubed dac with a nos tube.