Like you already mention, depends on the quality of the source. Building a DHT DAC that has a 35lb power supply has sounded better than many high end TT set-ups in many different systems (around $10-$15K TT & phono). In building a phono stage of the same build as the DAC, the DAC does not come close to the phono. As relaxed, musical, dimensional, openness, and tone the DAC reproduces, the phono just does everything better that digital can reproduce IMO. BTW, I do not own a TT so I mainly listen to CDs. Without comparing the two directly, I don't miss it until I do the comparison. But most TT set-ups I have heard, don't sound as good as the DAC so I don't really feel I am missing anything. Happy Listening.