Also, while I’m not in a position to comment on how the sonic quality of the HDP-5’s D/A converter compares to the sonic quality of its A/D converter, as an electrical engineer who has designed several A/D and D/A circuits over the years (for defense electronics), I can say that generally speaking it is a considerably greater challenge to design a good performing A/D circuit than a comparably good D/A circuit, assuming both are required to perform at similar sample rates and resolutions/bit depths.
So I wouldn’t be surprised if keeping a DEQX’s A/D converter out of the signal path would have the potential to provide greater benefit than keeping its D/A converter out of the signal path. Although, again, I’ve personally been very pleased with the transparency and overall performance of my HDP-5 with both in the signal path.
Best regards,
-- Al