As other folks have said, I do think we need to put things into perspective here. This is a low cost product, and for that cost, the real-world performance is truly amazing. It's useful to remember that, even in the worst case measurements presented here, all distortion products are below the resolution level of CD audio. Most loudspeakers & headphones are about 40dB worse than this.
I think what this thread shows more than anything, is one of the perils of attempting to categorize the performance of any engineered product, in an area way outside that of its normal usage requirements. Distortion products 100dB down from the signal are simply inaudible. Period.
However, what doesn't help in this particular instance is that SMSL themselves quote "SINAD up to 117dB" in their marketing materials. Though the term "up to" does beg the question... What experienced manufacturers learn is that if you quote a specification, you have to meet it. Every time. With "pro" equipment you often find that the manufacturer's spec is much more lenient than measurements on individual samples would suggest. On top of that, there may be several tiers of specification, based on operating temperature, power-up time and age of product.
All electronic equipment exhibits some degree of temperature related fluctuation in its performance, even if minuscule. But the change of operating parameters with time & temperature need not be a problem. I would venture to say that it is indeed not a problem here. The problem is in defining the limits of functionality, writing an appropriate specification, and interpreting that specification.
In a market place which is polarized by the extremes of magic phenomena and "anti-science" on the one hand, and the pursuance of "better measurements mean better sound, ad infinitum" on the other, objectivity is a difficult path to tread.
ASR does an excellent job of consumer advocacy in holding manufacturers to their claims, and in singling out the truly incompetently designed, and often overpriced products which are increasingly finding their way to market. The SINAD league table is quite interesting, but it's based on a single measured parameter &, in my view , should not become a goal in itself. There is a danger, as with all league tables that this will obfuscate some very real issues worthy of attention.
Beyond a point, better numbers don't necessarily mean better performance. In an audio product, SINAD of 110dB vs 120dB makes no practical difference, whereas factors such as build quality following good engineering practice, reliability (admittedly hard to measure with a sample of 1), and the availability of manufacturers' guarantees should realistically carry much more weight in any overall verdict on a product.
It's also well worth remembering, as the old saying goes, "the best is the enemy of the good".