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Went to CES this year to work on my transition to high Rez digital. I've heard many of the highly regarded players in my room or in others systems in the past. I'm actually very happy with my current cd based sound. As I listened to various DACS playing CD then high Rez, I was not bowled over. High rez was better, but only slightly so. The best (and most different) sound I heard happened to have one similarity. They were 2 non oversampling DACS with tube analog stages(Zanden and Ypsilon). These were without question the most natural sounding digital systems I heard at the show. They made CDsound miles ahead of high Rez. What gives?

PS: I understand the limitations of show auditions.
bflowers
What gives?
Not only limitations of show auditions but the rest of the components as well unless you've listened to DAC with headphones.
Non-oversampling DACs have one thing in common: they dont use digital filtering. This is the difference. The problem is that these older chips dont support higher sample-rates. They may also lack some resolution because the noise floors are higher than modern DACs. Very listenable though, particularly the ladder D/A, the PCM1704.

Another way to achieve the same thing, except with a modern hi-res D/A chip is to push the digital filtering up beyond audibility. Works just as well as the NOS DAC, but you get more resolution and supports high sample-rates.

Steve N.
Empirical Audio
The Metrum Octave uses no digital filtering and also uses a new chip that give 18 bit resolution as opposed to the 16 bit 1704. Have one ordered.
I have the Metrum Octave NOS DAC. Very natural and organic. Every day I'm amazed at the sound I get from this thing. I'm a firm believer in NOS.