Thanks for the great response. I'd actually like your opinion on the Anthem STR sound quality vs. other components with arguably "better" DACs.
If Anthem used either an AKM4493 or ESS Sabre 9028/9038, I'd totally be sold.
It does use an AKM chipset, but I don't know which one. There is much more to a good-sounding DAC than the choice of chipset -- quality of implementation is key -- and Anthem knows what they are doing with this chip.
In my system, the Anthem STR replaced a Classé CP-800, a more expensive DAC-preamp and one that was, e.g., John Atkinson's reference while he was editor of Stereophile. When the DSP is engaged on both units, the Anthem STR sounds far better to my ears (which is why I bought it). Its DSP is considerably more transparent (free of side effects) than the DSP in the Classé, which like some other DSP units I've tried, adds a bit of hardness and strain to the sound, at least on some material. The STR has none of that and is a lot more usable, as well, with four profiles and software to configure the DSP automatically.
In theory, I prefer manual configuration of DSP; in practice, I get better results from ARC than I ever did from manual configuration. It has been said (and credited to different people) that the difference between theory and practice is that in theory, there is no difference, but in practice, there is.
Anyway, ARC provides pretty good opportunity for user intervention if wanted -- not quite enough to meet my ideal, but enough that I'm more than happy with the results. Since I got it, I auditioned a Benchmark DAC3 out of curiosity, but its better conversion (if it
was better -- I didn't hear it) was lost in the lack of DSP control of the bass. The net result was a big step down in sound quality. I sent it back immediately.
Hope that helps.