The black PCB between the PS, and Main board cleans up the analog outs, it’s made by Behringermods (I have no affiliation with them, and paid the full Monty~$90). It simply bypasses the original caps and OPAs on the stock I/O board. It replaces the “Xunda” electrolytics with Rubycons, and the stock OPAs with 4562s IIRC. There’s some basic soldering required, and the “lifting/tombstoning” of a ceramic cap of the ADC (AK5393)
It made a significant (measurable) difference. SINAD went from -88 or so to just under -100dB post mod (Toslink in > analog out). Pretty much datasheet performance for the DAC (AK4393). I was very, very pleasantly surprised, as I was hoping for a bit less noise, which was achieved, but wasn’t expecting such an improvement in distortion. Not too shabby at all especially considering it’s 2006 vintage. Happy days indeed

I’ll have to remeasure it post holidays, my Motu M4 should be up to the task.