People that believe they can assess the quality of a DAC, say, from the SINAD value, are as clueless as those that claim that only subjective listening counts. And I am not correlating engineering quality with listening impressions at all.
Let us take a DAC. SINAD is measured at 4V output. Who ever does output everything always close to 4V? Most of the cases, unless you are listening to some heavily compressed disco music, or some heavy metal, even at -0db you are outputting 0.5V-1V AT MOST. Often even less. Of course for those values both distortion and noise would be different. And, here's the rub, the behaviour of noise and distortion at attenuated values is not always clear: with a SMD or a simple R2R DAC the distortion will increase as the output decreases, roughly in a linear way. With a sign-magnitude R2R DAC much less so – in fact the original signal will still be detectable at very high attenuations (even 100Db!!!) whereas with a SDM DAC you can forget it. Of course this is as much as extreme as measuring everything at 4V (measurements at both 0.25V and 1V would complement that nicely, and give a better picture) but it tells us that there is a cutoff somewhere. So a sign-magnitude R2R DAC may perform much better than a "ASR 4V output TOTL" DAC at realistic levels, with a higher noise floor but with less distortion – or maybe not, but we do not have conclusive evidence of that from the information available here. But sometimes, pointing out at these basic facts led to attacks.
I love my D90 and it sounds simply divine. It happens it is also one of the "best measuring DACs ever". Indeed, I *do* believe that there is a correlation between Amir's and Wolf's measurements and sound quality – I just do not believe that there is an equivalence. Also, the choice of OPA1612 in the IV conversion circuit is clearly driven by optimising noise and distortion. Performance under difficult loads may be better served by OPamps that can handle higher currents, for instance. May it have sounded even better if the design had not been driven by the need to win the SINAD race here? Some Japanese DIYers and modders find other opamps there sounding better even if you lose a couple of Db in the SINAD.
Please do not misunderstand me – this site is very useful. But the extreme oversimplification of the way measurement results are read is not helping the cause of higher quality audio reproduction as it could. I also understand that the masses (even small masses as the lovers of quality audio) need simple explanations (as in politics), as the full story is always too difficult to grasp.