Next best exponential DAC quality level?

I think it comes down to how you define better. Better measuring or subjective enjoyment of euphonic colorations? Euphonic doesn’t have to be syrupy. 

Same with amps. Better measuring go with nCore Hypex or Benchmark ABH2. You want the sound that makes you smile and toe tap? Go with First Watt or McIntosh.

@dht4me 

I know you want to believe the Audionote is the more accurate one but it just is not. The other two will be orders of magnitude more accurate. Audionote DACs are not accurate, have never been designed to be accurate and they don't even claim they are.

The euphonic distortions, yes distortions, the less than flat frequency response, the artifacts from NOS, the interactions of the tube output with the next stage, especially if going into another tube stage, and the interaction of all those artifacts with the rest of your system and the room creates an artistic presentation that you find pleasing. 

Could Audionote achieve the same sound for much less. I expect so but that's neither here nor there.

In terms of bass and single speakers the DAC does not care single speaker or subs and your ears don't either <100Hz. The two other DACs are going to have more accurate and deeper bass. Given the CS5i, if you have the amp to drive them, compared to Audionote you may just have too much for your room. That can sound flabby where some bass rolloff will feel tighter. That high/low rolloff has been consistent across Audionote DACs.  I am at -3db at 17Hz on my bass array and  the bass is tight but I have significant acoustic controls.

The exaggerated instrument separation that audiophiles such as myself crave would also most likely be a harmonic distortion artifact. Same with the added depth, width, and texture.

Al lot of assumptions regarding image placement, soundstage and instrument separation being from extra harmonic distortion.

I want to add that I am a retired prototype engineer with 14 years in consumer and medical electronics. I have made many many amps, preamps, several turntables, 3 tonearms and a slew of speakers back when I worked in that industry so my experience level is quite extensive.

Added harmonic distortion adds a haze that thickens the soundstage which is the opposite of clearer separation. IMD can add edges that seem to define edges but it is almost always localized to coming directly from the speaker as it is not consonant with the original impulse.

When I added the Jung Super reg to the dac is when the deep soundstage really came to life as well as much clearer soundstage placement. It is extremely improbable that the Jung 5v regulator added any level of distortion as some suppose.

The ASR crowd seems to be fixated on the singular measurement that they like to rank components on and while instructive it is not the end all be all ranking of a truly great audio component.

If you look at the Linear Audio article on regulator tests you will find that the superlatives I mention are closely associated with superior power supply implementation. Great image depth requires a very fast settling and low noise supply with a low output Z. The ASR ranking has absolutely zero methodology to quantify those aspects. It’s a shame that some people are so closed minded but I suggest people have a look at the article as it is really enlightening and done by the best minds in the field. Linear Audio article