I have had the REFLink for about a week and a half and I'm pretty impressed. I've been running it 24/7 and probably still breaking in but in my system the improvement to stringed instruments has been significant. Sense of space has also improved as well as localization of individual sounds in space. Transients are still precise but the digital edge has been removed. I've heard it described as being organic sounding and I would very much agree, organic with greater detail. Is it analog sounding? I would say it is very, very good digital. I can say that my computer based system with the REFLink is the best digital I have owned.
Using with an Esoteric AI-10 integrated/DA converter, 09 iMac with Decibel media player, and Tyler D2 speakers. Power, speaker, and digital cables are all Acoustic Zen Absolute. USB cable from iMac to reflink is Audioquest cinnamon.