Have Metrum's Adagio DAC/preamp burning-in over here. I have been pretty happy with their Pavane but the thought of an all-in-one DAC/preamp with volume control was interesting to me. The volume is implemented similar to (the same as?) the ODSE in that it adjusts the reference voltage while the signal comes straight from the dacs.
In addition to the ability to function as a preamp, the number of dacs is doubled over the Pavane as is the overall voltage. There are dual outputs so I am able to also drive my sub from the DAC/preamp and the outputs are adjustable to either 0 or -10 dB. At 0dB the output is 6/3 Volts RMS for XLR and rca outputs, respectively. Very early impressions are of excellent drive, clarity and naturalness (as with all Metrum DACs). I will be interested to hear, after this has burned in for awhile, whether my zero-gain, buffered, SMc preamp with the tantalum resistors will sound a bit more "fleshed-out and romantic" even if the resulting sound may be slightly less precise. If that is the case, the question will be whether there is an advantage (over the Pavane) to keeping the Adagio and running the signal through the preamp. They say there is no detriment to that set-up, sort of like the choice to run the ODSE through a preamp or not, as several reviewers have done. The trick with these high resolution pieces is to provide the resolution and drive while maintaining the musicality.
It would be great to have a few contenders in one place to try as I did with my recent amplifier shoot-out. It seems that is the best way to really get to the heart of the differences. In particular, if I had my wish I would have Aqua's Formula (probably more than I would want to spend) and their LaScala (already tried it and preferred the Pavane but it was close), as well as a solid representative from Lampizator. My only trial with Lampizator was a couple of years ago with the L4G4, which I thought had an overblown soundstage and somewhat overly loose/ripe bass. That and the somewhat DIY appearance of their units at that time were turn-offs for me. They have come a long way with their newer units.