A few comments - "late" - so it goes.
I've been entertaining myself with Schiit "propaganda" for about 1-1/2 years
(VERY entertaining)
But also far more than merely "entertaining".
As a former musician (Violin, Piano), current engineer (BSEE, overpaid), former audio dealer (never made any money), who admittedly never grasped digital filters (what do you expect in ten short weeks?) but DID totally get active filters (easy) and struggled with passive filter synthesis I can say that Schiit Audio is unusual, almost unique, in that they DO NOT RING MY B#LL$#!T DETECTORS.
(let me add that Dark Lord, before getting cut off, was entertaining in a very different way - thanks for not deleting his insults)
(still laughing, BTW)
Now for a few comments on earlier comments/questions:
#154
<i>Does any company have enough customers??</i>
Stoddard and Moffat seem to be "having the time of their lives" - they get to play (developing new products) are hands-off managers (they have hired folks to "manage"), they pay well, and do not demand strict, by-the-clock, working practices. I'd bet a large sum that they pay assemblers on a piece-work basis.
Reading Stoddard "Schitt Happened" book and his continuing thread on head-fi shows a focus on fun and unconventional business practices.
SO - they (he) don't (doesn't) seem to care about having "enough customers".
They just expanded to Corpus in Tejas - so it looks like the bills are getting more than paid.
About DSD and MQA - they are focused on the 99% (really 99.9%) of digital music out there - and make no bones about it. Zero Support for DSD, SACD, MQA.
(you CAN plug your SACD player SPDIF output into any of their DAC's - from a $79 closeout Modi to the $2000+ "Yggie")
This leads to the one of the initial comments:
#1 "the USB implementation has been replaced by Schiit's own design. I am assuming there is some cost saving there as otherwise I don't see the reason for reinventing the wheel there."
Some here have already disabused the notion that two-years R and D suggests "cost saving", but let developer Mike Moffat's openly stated reason address "reinventing the wheel"
"USB sounded like F****** ass"
see the embedded youtube video here:
https://darklantern.proboards.com/thread/1315/schiit-audio-jason-stoddard-moffat
It seems plain that Moffat does not subscribe to a narrow view of science - that he doesn't EXCLUDE open, repeatable, observation.
(aka "listening")
(there also seems to be a tendency here to conflate "observation" with "opinion". I just got here - so I may modify this observation)
Moffat DOES use the usual tools available to any designer. One example: the noise spec for the 6DJ8 - much quieter than the commonly-used 12AX7.
Moffat claims that the 6DJ8 was regarded as a "video tube" and that he was the first to use it in a commercially available preamp by his company, Theta Audio circa 1979.
30-40 years later, when the developer is happy with measured and sonic performance, the prototype "makes the rounds" - each of several listeners give the device a tryout - all not commenting until everyone gets a chance at it. I don't recall if the subsequent note-comparing will drive further development.
Stoddard has also commented on doing level-matched comparisons of devices - stating that the differences are difficult to detect.
Schiit is scupulous about not expressing "preferences" - or ranking producs - or commenting on other companies' products.
Stoddard does "admit" that the DAC in his personal rig in not the high-priced one - stating that he prefers the colorations (my use of the 1970s term) of a less costly DAC.
Lord know he has options - a current count yields seven different DAC's.