Well, after a very tedious comparison with or without the Monarchy Combo in the signal chain, I have concluded with my ears and my system that the Combo does little if anything to improve upon the sound of the Squeezebox Touch.
As I stated earlier in the thread, at times I thought there was an improvement.
But I think that the occasional ray of improvement was just mind over matter.
I will be sending the Monarchy Combo unit back Monday.