@pwhinson ,
from all what I've read the Metrum Pavane is fantastic. People describe it as vinyl sound. Seemingly it has all, micro dynamics, separation of instruments, soundstage, tone and timbre spot on. Basically what one would expect from a great NOS implementation. I dream DAC, at least for me.
However, the sound does not come cheap. It's pretty expensive at retail price, which is natural given that Metrum have their own chips. You only get the DAC, or the preamp in the Adaggio/Jade versions which implement an amazing volume control manipulating the voltage through through the chips without the shortcomings of usual volume implementation in DACs. There is not headphone output, no DSD files, and of course the best inputs are I2S (only works with their Amber which seemingly is great but only works as a Roon endpoint) followed by AES, Spdif an finally USB.
I would like to know how Pavane compare with Jade. I've not seen any serious comparison and trustable (= non commercial) in that regard. The Jade is half the price with half of R2R ladders and less sophisticated AC/DC circuitry than the Pavane. Is it worth the price difference?. They the Onyx version, which is the Jade with volume control.
Personally, I'm watching for some good deal in a used/demo model.