And as for this business of MQA-style shenanigans being hard, or it being difficult to develop a perceptual codec... it's not. It could easily be one person in a bedroom type stuff.
The process is more or less like this, taking a 192k master as example:
1) measure the master's innate noise in the audible band (20kHz), this is Ln
2) downsample from 192k to 96k with the minimum-width (i.e. 'laziest') anti-alias filter that fullfils these criteria
-it puts a null at the original mastering ADC's ringing frequency
-the aliasing it causes (and it will cause this, since it is 'lazy') in the audible band does not exceed Ln
3) take the resulting 96k file and split it into its baseband and ultrasonic band. This requires
quadrature-matched filters. Downsample the ultrasonic band by unfiltered decimation. Now there
are two 48kHz signals, the baseband Bb and the ultrasonic band Bu.
4) observe Ln again and determine a suitable bit budget for Bb. Requantise Bb to this (this will be 15-17 bit or so).
The remaining bits from 24 are the budget for Bu.
5) Scale Bu according to the 7 or so bits it will have, note the scaling factor in the embedded control stream.
6) Requantise Bu to its bit budget.
7) Scramble/encrypt Bu and the control channel into pseudo-random noise and tack this below Bb(*). This gives a 48kHz 24 bit MQA encoded file.
Replay is roughly the above in reverse, with another set of quadrature filters.
(* in reality the scrambled data are partially placed in the upper 16 bits, so that MQA can survive a CD-resolution channel, or indeed be
sold on a CD.)
The hard part is 3), specifically the design or choice of the QMFs. These QMFs must guarantee a mathematically lossless
band split and join. As such, it is highly unlikely that they are at the same time optimised for the sound quality of
an undecoded MQA file. Why is this important? Because when listening to undecoded MQA you are directly listening
to the anti-aliasing filter used in creating Bb, which is one of the QMFs.
I suspect that the CD-rate replay filter of MQA DACs, which according to Stereophile measurements are the same for all MQA DACs, is nothing more or less than one of the replay QMFs. If so its performance is attrocious for CD-rate use.