Alex, thanks for that set of thoughts! I agree with you, minimising phase noise is everything, but I would say the only place where it is critical is right next to the DAC chip (or discrete circuitry, Accuphase, say). The big trouble with separate transport and converter box is getting the clean clock where it is needed, and of course as you know there are many ways of doing this. I am intrigued to note that the newish Naim DAC solves the problem by having multiple, slightly different frequency crystals, so you have minimal buffering needs AND bare crystal phase noise. And, by all accounts, it can do an excellent job of the converting ...
Frank
Frank