I received the LZ DAC (level 2, generation 2.5, balance, 4 output tubes, analog volume control) over the new year, and it is still breaking in at the moment, but it is definitely special. I'm a DAC nut, and was on a quest to find the best DAC in the world (err...that I can afford).
I divide "good" DACs into two camps. 1)Ultra modern with super detail and frequency extension 2)Organic, warm and liquid.
I have never really found the ultimate middle ground - a DAC that is excellent at both. But I think the LZ is close.
Workmanship and assembly quality could be better, but hey it's significantly cheaper than similar performing DACs.
Will post a detail review, after i really settle in with it.
Some pics here:
http://www.digitalaudioblog.com/p/reviews.html