So, placing the SmoothLan before the EtherRegen does reflect some interaction and reduces some of the sound quality as noted by tksteingraber.
Today I am of the opinion that one SmoothLan unit located at my Apple TV seems to be the best for sound quality. agisthos, you are right on.
Even if I place it at EthereRegen output, again it seems to reduce some of the treble. Hard to notice at first but I can now tell it clearly. Both issues are more related to an EtherRegen conflict.
And with 2 of them, though the sound stage is deeper, I still feel that the treble is still affected.
Looks like I will have a unit for sale.
P.S Sorry about the different font sizes it seems to be impossible to correct.
ozzy