Hmmm. The SMSL web site has exactly the same digram depicting the feedback loop as we saw for the SA400. That is the AX5689 PWM controller. Indeed it is hard to imagine that this amp is anything but an SA400 power amp stage with digital inputs. Amir measured exactly the same power ouput curves for both, but the SINAD is better here. Again, the ST part is the output driver only, and not the full class D amp. All digital processing and PWM control, just like the SA400, is done in the AX5689.
This amp adds a separate ADC for analog input, whereas the suspicion is that the SA400 uses spare ADCs from the AX5689 and implements its tone controls and volume control in the analog domain.
What becomes interesting is the improved performance we see. The SA400 is an odd device, it spends a lot of time messing about with some ideal of analog processing purity, and then throws it away at the last moment. Here we see the same basics, but with a digital chain that works well, and an analog chain that despite use of a discrete TI ADC, (PCM1804 with OPA1608 buffers are claimed) mucks it up. Something has gone wrong with the analog here, it should not measure so badly.
So, another almost there product. But it steps up one notch past the SA400 with its use of the AX5689 PWM controller, and starts to knock on nCores's door. Not quite there yet however.
The basic configuration almost gets there. Add proper DSP EQ (including subwoofer control) and fix the analog input and it would be a near perfect package for many users. Price needs work, but it isn't terrible.