Got mine today and set it in DAC mode, so it displayed the Windows sample rate instead of the volume level. Default filter mode is 3.
There's no audible noise when I set headphone amp to max gain and turned the volume to max.
Only issue I've had is with the driver install. I had to install the driver, reboot, and install again in order for Windows to detect it.
Otherwise it sounds like any other DAC (transparent).
EDIT: To clarify, drivers are only required if you want to use ASIO, as mentioned by @AndyLu below.