Spectral,
I'm glad you started this thread! I have been doing research on a high quality DAC and came across the same information. In addition, I've been trying to assess what people think of various DAC's in the market currently.
Personally, I think the direction of music playback for high-end will be high quality DAC's mated to whatever digital source you already own, fed into a high quality music system. This way we can all preserve and enhance our investments.
This weekend, I saw and heard the future! I had a credit from Best Buy and with it bought an Apple Airport Express (AE). The diminutive device, now installed and connected to my system, transmits CD's which I have ripped to itunes in AIFF, full non-compressed lossless format.
In the current, just installed setup, I'm using the analog out from the AE. However, I have a digital toslink cable on order (it's the only digital interface it has--cleverly hidden beyond the mini stereo plug) with which I will be able to connect to a DAC. Since I'm still evaluating DAC's I've connected it to my AVR for now.
So, with the Remote application (free on the app store) loaded on my iphone, I can now use the iphone to connect to my PC in the other room, select a lossless CD in itunes, and stream it to the AE, which in turn gives me a bit-for-bit signal.
IMHO, this is the future! Not only do I get my native signal, I have the incredible convenience of selecting album after album without swapping CD's! Now imagine using a top-notch DAC to decode this signal, and you've got a pretty sweeeeeet and highly flexible and convenient system.
Now, I've been thinking that the new Ayre QB-9 DAC which includes the latest design elements you describe should be a killer DAC. My only disappointment is that it is only a USB DAC!
What this means is that you now have to
physically introduce a computer into your hi-fi, because it needs to take the USB input and provide an analog output. Yes, they've (presumably) done a great job of working around the USB's interface issues, but who needs all the noise and clutter of a computer in your hi-fi?
I've been reading very good things about CA's DacMagic unit. Stereophile liked it so much, the reviewer bought the review copy for himself! This unit has USB input (which did not measure as well as other digital inputs) and also has coax and toslink s/pdif inputs. In the UK, many owners have modded the unit to upgrade power supply caps and change op-amps from IC to discrete (a favorite seems to be the Burson op-amp).
Problem is many DAC reviews are so subjective and it's hard to discern "relative to what?" when you are unfamiliar with the reviewer or associated gear. Then, you articles like:
http://www.stereophile.com/features/106ringing/index.html which make you wonder if the difference will even be discernible!
This investigation is my primary reason to go to RMAF. Second reason is I've never been to a show of its type and I've always wanted to!
Hopefully, those of us who attend can meet and discuss this topic while demoing various DACs.