Martin sir, FIFTEEN years ago and long before ASR, this DAC was beer budget in the UK market, the Cambridge, M-F and so on regarded as little more than toys, as I now regard my old 'dac-for-a-fiver' from 2012 or so which measures badly today, but which 'sounds' fine on red-book material!
I'm sure Rega's designer (Terry Bateman?) would have done basic measurements on it. I'm happy to be objectively proved otherwise, but were other dacs around the world at the same price as the Rega back in 2009 or so (say, $750 - $800?) as good or better?
Remember, 'enthusiastic' domestic brands don't design to get good ASR reviews (SINAD and Spinorams/Klippell based) and firms like Rega would never release a product on spec alone I feel/ Remember where they came from - look up the frequency response of an Elys 2 or Exact 2 cartridge - it's awfully old fashioned but if you use toppy speakers as theirs were and then slip in a neutral digital source into that system, the results wouldn't have been that nice!
I was going to say again that until the more vociferous posters here and possibly elsewhere started severely complaining, 'Good Enough' really was good enough!!! if you can't *hear it* under normal conditions, in their eyes wouldn't that have been 'good enough' back then? Look at the Hegel dac-amp review! It 'sounds' fine subjectively, but old fashioned gain structures inside seem to affect the figures somewhat, not that anyone in the real world would notice I suspect...
Long before the 'ESS distortion hump' was properly measured here and elsewhere, I remember some subjectivists disliking the 'overly squeaky clean' sound that said dac chips were supposed to give. Whether this was pure imagination or whether that distortion hump (now long ago sorted by those designers who researched it) really was affecting lower level mid-high frequency signals, I have no idea as I was out of it by then.
Like I said, modern dac products under £/$200 are two a penny/cent almost and change rapidly, almost every few months once a large production batch is sold through and on to the next revision.. This dac is ancient by modern standards and what was 'Good Enough' back in 2010 or whenever, obviously isn't good enough today. Just DON'T test an Apollo R CD player with its need for 50k amp loading (the original Planet player from the late 90's was exactly the same here

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I'd best shut the feck up and crawl back under my stone. This little box is far too expensive outside of its home market when cheap far eastern imports cost much the same all over and time and recent dac advances haven't looked kindly on it. So, how well does say a DCS multi-box system compare these days? The Chord dacs have already been through the mincer here so what about DCS then - does anyone have one to send in?