@celander
Considering its a full mono implementation of the 9038Pro requiring one chip for each channel, Noratel PSU, Neutrik connectors, an up to date XMOS USB implementation, its a reasonable price and its casing was built with performance over pure aesthetics. It would have been nice if they could have figured out IMD issue as Bencmark had with the DAC3 HGC, but that unit also has an unbalanced issue in both samples. Still, even with that, its performance is still very good.
At the moment, only if the new AKM4499 could have the potential to match this result with a possibility of not IMD issue, and maybe we will see RME or SMSL produce a unit.
I have ordered one of the SMSL units via Massdrop and will run it through a subjective comparison to my NAD M51. That unit had also received a pretty solid result via Stereophile and number of other publications. I do expect a notable difference as the M51 is known to be relaxed and resolved player and the SMSL being a more involved sound. I will be running them through a pre to ensure both have a fair shake as the NAD has a superior digital attenuation system.
I do believe that we do honestly need to see clear measurements that these new far east companies are competent designers. That really should extend to all manufactures since we've seen some odd results from respected brands as well. SMSL does appear to be capable of engineering a high degree of performance.