@tomcarr - when you get it (I am sure I put this explanation farther up the thread...but I'll summarize again): back the output volume off in the settings to something else than 100%. I really thought it was harsh at 100. I have mine set at 90%. Break-In/Warm-up/whatever you want to call it 'was real' in this box. Definitely filled out the sound after a few hours. I supposed some fancy pink noise disc would probably be the best for that purpose. I used Beethoven's 9th symphony, on repeat, for a couple days (mostly because I wasn't there to listen to it). I wish I could say the 5 or so digital filters (really, DAC processing algorithms) were drastically different...they seem extremely slight to me. I'm still 'playing' with the different ones. The 205 has been out long enough now (I got it in May?) that I bet there are plenty of opinions on the 'net on which one is best. I'll probably just pick one that "people like" and live with it for a while.
Enjoy!!
Just a heads up that when the UDP-205 was first released, each volume step off 100 equated to 1 db. A relatively recent firmware update modified that to .5 db per volume step.
As to the DAC filter setting, general consensus is that the default - mini phase fast - is "best". Of course this is merely a preference so YMMV.