Naim CD3.5For me neither as these are both "Delta Sigma" (bitsteam) based converters.
-or-
Theta Miles
*Cast your Vote!*
I love the sound of "Multibit" converters when converting CD (RedBook) 16/44 or 24/96. They have better jump factor, which gives more involvement to CD, and are bit perfect. Delta Sigma converts Redbook as a facsimile of the real thing.
Quote from MoJo Music:
" When a PCM (CD) file is played on a Delta Sigma or Bit Stream converter, the DAC chip has to convert the PCM to DSD in real time. This is one of the major reasons people claim DSD sounds better than PCM, when in fact, it is just that the chip in most modern single-bit DACs do a poor job of decoding PCM."
Cheers George