Digging a little deeper in, I found the AA-AP23123 uses an
SGMICRO SGM8904 "line driver with integrated charge pump" between the ADAU1701's DACs and the PT2259 volume controls. This seems like great news because the SGM8904 can drive 3V RMS into a 2.5k load with a 5V supply voltage. Unfortunately, it appears they are running them off of a 3.18V supply, which is just above the minimum recommended supply voltage.
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Also disappointing, the
PT2259 volume controls are being supplied the same 3.18V, which is below their datasheet's 4V minimum specification.
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I can't help wondering if the audio outputs performance couldn't be greatly improved by getting at least 5v supply to these chips?