I used to own the lowest model of Audio Note UK DAC,. I can't recall the model, but it used tiny tubes that were soldered in. It was a revelation at the time. I now have an Audio Note Kits 2.1 Signature, professionally built and upgraded by them a few months ago. I would not go back to a design that uses oversampling, unless it was a dcs or something of that caliber, which I could never afford.
After using oversampling players for years, the non-oversampling sounded much more natural and fluid. At the level that I can afford, it sounds more like the real event coming through the speakers rather than a cobbled together re-creation. I can't imagine how good the top-level Audio Note DAC's are.