My comments about the Perfect Wave DAC were too negative. If you have the funds to buy the Perfect Wave Transport (now called the Memory Player) as well, and connect the two via the HDMI interface, sound quality is really excellent, even more so after the MK2 upgrade of the DAC. I have tried other digital interfaces to connect the DAC to the Transport, including the very highly regarded Shunyata Python Zitron XLR digital cable, and found it to fall short of the sound quality of the HDMI connection especially in terms of resolution and deep bass.
Other digital sources (PS Audio's Bridge and non-PS Audio CD players) do not sound as good to me as the Transport. The Bridge, in my opinion, has less soundstage depth and is less dynamic than the Transport.
PS Audio has a very useful, non-censored community forum. A number of DAC owners who use the Bridge are waiting for better sounding firmware for the Bridge. PS Audio will probably deliver on this.
I do own two sets of the Perfect Wave DAC & Transport. I would not have bought the second set if I didn't like the sound quality of the first set.
My only complaint about PS Audio is that some of its products sometimes seem like works in progress. The Bridge was supposed to equal the sound quality of the Transport. In my opinion and theirs, it is not at the same level as the Transport.
I have seen a lot of used Perfect Wave DACs for sale on Audiogon in the last year or so. It seems to show up more frequently than other DACs. I suspect some people have been underwhelmed by the sound quality of the DAC when used with the Bridge or non-Transport sources.