Preface: Hearing the MSB Analog was a long overdue matter. A couple of weeks ago, I finally decided it was a good time to do something about it, hence I got one from local dealer to have the question answered.
The usual details & stuff.
Source(s):
- Jriver Media Network DLNA
- SOTM SMS-100 network streamer with LPS
- Schiit Wyrd
or
- ESound CD-E5 Signture Edition CD player
- ifi Ilink USB to Coax interface
- Chord Indigo Plus Coax cable
Amp used:
Eddie Current 2A3MK4 with 4x EML2A3 solid plates, 2x Ericsson NOS 5842, 2x NOS Sylvania EY500A
Transducers:
- PMC IB2i speakers with Tellurium Q Ultra Black cables and links
- modded HD800s - no dust covers, liner rug mod, Toxic Cables Black Widow 8 wire cable, Norne Draug V2 cable
- modded LCD-3Fs- no grills/foam, Toxic Cables SW22
- modded HE-6s - no grills/foam, hard wired, blutack mod
DACs:
- MSB Analog with the Premium Quad USB2 Module, Coax/Optical module, stock PSU. Latest firmware.
- Schiit Yggdrasil
- Theta Gen V A
Interconnects:
Audioquest SKY
Power cables:
- 3 x Acrolink with Furutech FI-1363 and IeGo Pure silver IEC
Introduction:
Most of my time was spent comparing the MSB and Yggdrasil. At the time of the review the Yggdrasil had about 500 hours since last powered from cold, and several months of 24/7 use. The MSB is an ex-demo unit, and was powered on for 48 hours before I started my comparison. The Theta has 20years+, thus enough said.
The Theta was warmed up and used to compare with the MSB, on one round with speakers and one round with headphones. It was less of a thorough comparison, hence some sections I have skipped completely.
Sound impressions:
Bass:
- Msb features a tighter, more detailed and a little drier bass than the Yggy. The bass is powerful, fast, and slams hard.
- Yggy has slightly more heft than the MSB, but not quite the full Moffatt bass. For that see below.
- Theta. Such a winner at bass heft, while still maintaining great quality. This has the full Moffatt bass. Very exciting with a host of genres, for the bass alone (and transient edge).
I can live with any of these with a big smile, however that said Theta just has to win this round imo.
Vocals:
All these three reproduce excellent vocals, but very differently so. Depending on the transducers, music, artist and recording, I can enjoy one or the other more.
- The MSB positions the vocals one-two rows further away in the stage than the Yggy. It has the most detailed mids out of the three and the best presence (tie with Theta). The voices have GREAT natural textures, nor too rich, nor too dry. Exceptionally good with female operatic voices (transducers allowing - see Carmen - Habanera notes below), and the best throughout with any female vocals in my comparison, out of these DACs . Also excellent with male voices. The impression listening to vocals is that they sound more "alive" than on the Yggdrasil. Crescendos have impressive amplitude and focus.
- Yggy has smoother smokier vocals positioned closer to the listener. What the Yggy cannot match, only comparatively of course, is creating the same sense of presence with vocals as the MSB can.
- The Theta presents very rich and full vocals. Yet resolute. One could be fooled it has tube buffer stage. Theta always exudes authority and this is also the case with vocals. Male voices are particularly impressive.
I prefer the MSB and Theta with vocals, but Yggy is no slouch.
Sound stage:
- MSB presents a large, airy, 3d, expansive and open sound stage.
- Yggy has a smaller more intimate stage. It's not nearly as wide as the MSB's and it brings everything a couple of rows closer in a flatter image. After switching over from the MSB, Yggy sounds a bit more congested and lacks some depth. I'm fine with the width, but I wish Yggy had more depth.
Imaging/Layering:
- The MSB has the most precise sound cues and positional images I've heard in a DAC. The other two are doing a good job, but just don't come very close. This is a stand-out feature and a joy on anything and everything.
- Yggy does a good effort, but it is lacks the pin point precision and spatiality of the MSB.
The MSB is untouchable.
Treble:
All these three DACs feature treble with no grain or harshness. Yet there are sensible differences between them.
- MSB has a more extended, sparklier, airier treble. It resolves, resolves. Careful system matching is advisable. While absent of any glare or harshness, the treble response leaves no prisoners where flaws are found in the recordings, upstream or transducers. That said the integration of the treble response is very coherent in the FR spectrum.
- Yggy is close, sparkly/airy for sure. But less so. It can be slightly "nicer", however interestingly it can sound just very minimally tonally off sometimes. Highlight on very minimal.
Choose your poison. I prefer the resolution, air and spark of the MSB. However, let me put it is way: If it was an average, but very detailed Sabre S/D DAC, the treble with the afore-mentioned characteristics could have been very challenging. However the MSB has no trace of harshness or glare. Even so, the combination of clarity, air, spark and resolution requires even more careful management with headphones like the HD800s. This is not a concern with my speakers or the HE-6s for me, but could be with for some with bright sounding transducers or systems. To be honest, the Yggdrasil doesn't make for an easier job either, but it's a bit less resolving.
Resolution:
- With the Quad USB input, simply put the MSB resolves more detail than the others. Once warmed-up, detail is presented in an impressively effortless manner. From the instrument macro-details, to voices, to ambient detail, to positional cues, to bass, the Analog is a very very resolving DAC. In fact it is the most revealing DAC I've ever heard (R2R or D/S) in a familiar rig to me.
Switching to COAX and CD Player, the resolution reduces a notch and the sound becomes smoother and richer, and a notch warmer. It sounds almost like a different DAC. Anyone looking for the most organic sound from this DAC, coax could be the answer. I've never heard the old USB module.
- Yggy: Still a very resolute DAC, and before hearing the MSB, I thought the Yggy was an exceptionally detailed DAC. The new benchmark is here and the scale was reset. Yet again.
Similarly with the MSB, switching to COAX resolution takes a hit, albeit a bigger hit than with the MSB. Either the USB is really good, or the COAX not as great comparatively.
- Theta: For a 20+ years old DAC, it resolves a surprising amount of detail. Perhaps it could resolve even better with a more detailed USB interface. The one I have isn't the best I've heard at resolution.
As expected, the Theta does well with the CD Player, but surprising to me, not better than with the ifi ilink interface fed from network streamer. I prefer the latter for convenience.
Clarity/Background Blackness:
- This another area where the MSB is untouchable by the others. So clear sounding, with any input. Comparatively, the background is pitch black and it presents each sound with superb focus and presence.
- Yggy has a slightly smoky background compared with the MSB. If I had not listened to the MSB there was little way to notice this. Unfortunately this is one of those areas where once better was heard, you just know what's missing when going back.
Transient Response:
None of these characterics exist in a vacuum or isolation, so they are affected by other traits, which distinguish one sound signature vs another, and help to better describe what it actually sounds like.
- In the lower part of the FR comparatively Yggy has a more determined attack, followed by a slower decay. There's an energetic attack and propulsion to each note, however the slam is slightly mellowed by Yggy's smokier background and less precise focus.
- MSB has a very slightly less forceful attack at the bottom range, but it's a more focused and precise one. In the upper FR, the MSB is more visceral. Perhaps this is where MSBs native clarity and focus advantage come into play.
Tonality:
1. via streamer/MSB Quad USB/Gen3USB:
- The MSB is sounding the most neutral out of the three. Because the sound signatures are quite different, after a lot of thought, it and Yggy are not far apart in terms of tonal balance, however it does sound a touch more neutral, maybe in part due to its superior clarity and focus and less coloured midrange and bass.
- The Yggy sounds a touch nicer, smoother and warmer in the bass/midrange. The treble however can be more inconsistent, and this area of the FR can sometimes sound sharper than the MSBs. Averaging over the entire FR range, I think Yggy is a notch towards warmer comparative to the MSB.
2. Cd Player:
- The MSB shifts to a warmer/richer/"nicer" sound. Bass heft increases, voices are richer, treble is less energetic. Some detail/clarity are sacrificed. A very interesting way to listen to what sounds almost like a different DAC. But it's enjoyable, when I'm in mood for it.
- Yggy also takes a hit in resolution, but it also gets a somewhat muddy sound. I probably would not see much scope to use Yggy via COAX either with the CD player or the ilink interface. It seems to take a hit in clarity, openness and detail that is hard to mitigate.
- Theta V A has a clear notch or two of added warmness and richness compared to the other two. No USB here.
A matter of preference / system matching here.
Where one of the others is moar-ish than the MSB:
- bass heft (Theta> Yggy > MSB)
- richness/warmness (Theta>Ygg>MSB)
Where the MSB is moar-ish than the others:
- clarity/background blackness
- resolution
- presence (betters Yggy, but similar to Theta)
- imaging
- soundstage
Some tracks:
La Campanella (100 Best piano classics album). This is kind of how the piano sounds comparatively:
- the MSB shows the individual notes better defined in their own space. The note hit is very precise and focused.
- on Yggy the note hit sounds as if softer hammer heads were used. There is a bit less separation to each individual note and a greyish background. A smoother overall sound.
- slightly slower note decays on the Yggy
Leonard Cohen - Here it is
In the intro part Yggy has a bit better heft on the bass, but the individual instruments are more clustered together and it's all a bit softer sounding.
- MSB: Leonard's voice is frankly the best I've ever heard it (wow this sounds so bloody real). It's not easy to describe what it is about it, but it's the result of every strength this DAC has, as a combination of excellent clarity, focus, rich textures and superb definition. Each vocal inflection and transition is very clearly defined and superbly textured, giving the voice amazing presence.
- Yggy is no slouch. The voice has smoky quality to it, which I quite enjoy and it sounds smooth and well textured. What it cannot match is the presence, focus or resolution of the MSB.
Carmen - Habanera (Best Opera Classics 100 Vol.2)
- From the first few seconds in the intro it is noticeable the MSB highlights individual instruments with better focus, precision in their own space. The voice emerges from a very dark background and the dynamic heights it can reach makes it goose bumps impressive. I've listened to this track with the MSB over several days already, and it still sends shivers when I listen to it right from when the voice starts. And from there it gets better. Need I say more?
(As a side note and interesting to me - not all the transducers I have were similarly capable reproducing the sensational soprano vocals: The HD800s and LCD-3Fs fell short of recreating the incredible presence and emotion on this track. It was only the HE-6s and speakers that could deliver the vocals with jaw dropping see-through the recording quality)
- With the Yggdrasil the instrumentation is good, but even on the highest DR passages it is kind of blended into a smoother more relaxed background space and it never reaches the thundering amplitude the MSB can, such as in the interludes between the voice and instrumentation. The voice is really great on the Yggdrasil, but it just doesn't have the presence and emotion the MSB instills. I asked myself if I could still be as happy with Yggy's female vocals rendition, as it is very good, but both myself and wife have agreed: There's no going back in this case.
On some tracks/albums however the MSB will highlight vocal sibilance a bit more than the Yggy does. This thing resolves and it will indeed show whatever there is on the recording. I said it before: I don't think it can be had both ways. This is exactly what Yggy does vs lesser DACs.
SQ aside, what I don't like about Yggy:
- Takes days to warm-up to its full potential. But the good thing is, after that it's pretty steady even after a very short power off or if not used for a while.
- It's supposed to be modular and upgradable, but one may need an architect with a plan to open it and get inside.
SQ aside, what I don't like about the MSB:
- Price
- Accessories "upgrade" policy and pricing, for what most vendors offer as standard accessories
- This DAC is the strangest in terms of staying warm and at full potential. From cold I found it takes a couple of days for the sound to fully settle. When it does reach its stable state and potential, it sounds incredible. But this is not all. Even if it is powered ON, if for example the USB input is disconnected for some time (not sure yet, if it needs to also be playing music or not; I have to yet test what the effect is if for example SPDIF is active but USB is not), the DAC starts getting cold to touch. When this happens, I found the sound quality starts degrading...
- Only 1 year warranty
Conclusion:
Before hearing the MSB Analog, I've read over time pretty much all that was written about it, ranging from reviews to impressions. Without having heard it, I kind of expected the sound was going to land somewhere between the Theta and Yggy. This definitely it was not and again that shows how misleading any expectations can be. With that left at the door, the only experience that really matters: At home and at length. Which is what I would encourage anyone to do.
So where does everything fit then?
If one is looking for a really great sounding DAC AND offering great value: Theta V A or Yggdrasil both fit the bill perfectly. Either of them has a great sound balance and definitely offer silly good value as good DACs go. Compared to the Theta and Yggy, using the Premium Quad USB input the MSB ups the game to another level in critical areas for a DAC such as: resolution, imaging, focus, clarity and dynamic range, while having a controlled dose of R2R goodness, not too much not to little of it, and a neutral sound signature.
Well... and then there's that entry bill. But I have answered my original question: The MSB is a keeper as my main DAC. The remainder question is which other DAC will go, as I only need 2 DACs. I have not decided on this yet.
Later edit: It became quite clear after a few more days, the Yggdrasil was the DAC to go. The main reason was that it is not complementary to the MSB Analog, whilst the Theta V A is. Yggy is a very good DAC and I enjoy it, but there wasn't much that the Yggdrasil did better compared to the MSB Analog, while the former is offering a closer sound signature to the MSB sound than Theta does.
I guess the side story here is that even if indirectly the Theta V A did win another victory, which is really very impressive, without having to add the mention: for a 20 years+ old DAC. At what it does well the Theta is exhilarating and it's here to stay for now, together with the MSB Analog. Subject to if/when I get some time, I may brush up and publish more notes on how Theta compares.
The usual details & stuff.
Source(s):
- Jriver Media Network DLNA
- SOTM SMS-100 network streamer with LPS
- Schiit Wyrd
or
- ESound CD-E5 Signture Edition CD player
- ifi Ilink USB to Coax interface
- Chord Indigo Plus Coax cable
Amp used:
Eddie Current 2A3MK4 with 4x EML2A3 solid plates, 2x Ericsson NOS 5842, 2x NOS Sylvania EY500A
Transducers:
- PMC IB2i speakers with Tellurium Q Ultra Black cables and links
- modded HD800s - no dust covers, liner rug mod, Toxic Cables Black Widow 8 wire cable, Norne Draug V2 cable
- modded LCD-3Fs- no grills/foam, Toxic Cables SW22
- modded HE-6s - no grills/foam, hard wired, blutack mod
DACs:
- MSB Analog with the Premium Quad USB2 Module, Coax/Optical module, stock PSU. Latest firmware.
- Schiit Yggdrasil
- Theta Gen V A
Interconnects:
Audioquest SKY
Power cables:
- 3 x Acrolink with Furutech FI-1363 and IeGo Pure silver IEC
Introduction:
Most of my time was spent comparing the MSB and Yggdrasil. At the time of the review the Yggdrasil had about 500 hours since last powered from cold, and several months of 24/7 use. The MSB is an ex-demo unit, and was powered on for 48 hours before I started my comparison. The Theta has 20years+, thus enough said.
The Theta was warmed up and used to compare with the MSB, on one round with speakers and one round with headphones. It was less of a thorough comparison, hence some sections I have skipped completely.
Sound impressions:
Bass:
- Msb features a tighter, more detailed and a little drier bass than the Yggy. The bass is powerful, fast, and slams hard.
- Yggy has slightly more heft than the MSB, but not quite the full Moffatt bass. For that see below.
- Theta. Such a winner at bass heft, while still maintaining great quality. This has the full Moffatt bass. Very exciting with a host of genres, for the bass alone (and transient edge).
I can live with any of these with a big smile, however that said Theta just has to win this round imo.
Vocals:
All these three reproduce excellent vocals, but very differently so. Depending on the transducers, music, artist and recording, I can enjoy one or the other more.
- The MSB positions the vocals one-two rows further away in the stage than the Yggy. It has the most detailed mids out of the three and the best presence (tie with Theta). The voices have GREAT natural textures, nor too rich, nor too dry. Exceptionally good with female operatic voices (transducers allowing - see Carmen - Habanera notes below), and the best throughout with any female vocals in my comparison, out of these DACs . Also excellent with male voices. The impression listening to vocals is that they sound more "alive" than on the Yggdrasil. Crescendos have impressive amplitude and focus.
- Yggy has smoother smokier vocals positioned closer to the listener. What the Yggy cannot match, only comparatively of course, is creating the same sense of presence with vocals as the MSB can.
- The Theta presents very rich and full vocals. Yet resolute. One could be fooled it has tube buffer stage. Theta always exudes authority and this is also the case with vocals. Male voices are particularly impressive.
I prefer the MSB and Theta with vocals, but Yggy is no slouch.
Sound stage:
- MSB presents a large, airy, 3d, expansive and open sound stage.
- Yggy has a smaller more intimate stage. It's not nearly as wide as the MSB's and it brings everything a couple of rows closer in a flatter image. After switching over from the MSB, Yggy sounds a bit more congested and lacks some depth. I'm fine with the width, but I wish Yggy had more depth.
Imaging/Layering:
- The MSB has the most precise sound cues and positional images I've heard in a DAC. The other two are doing a good job, but just don't come very close. This is a stand-out feature and a joy on anything and everything.
- Yggy does a good effort, but it is lacks the pin point precision and spatiality of the MSB.
The MSB is untouchable.
Treble:
All these three DACs feature treble with no grain or harshness. Yet there are sensible differences between them.
- MSB has a more extended, sparklier, airier treble. It resolves, resolves. Careful system matching is advisable. While absent of any glare or harshness, the treble response leaves no prisoners where flaws are found in the recordings, upstream or transducers. That said the integration of the treble response is very coherent in the FR spectrum.
- Yggy is close, sparkly/airy for sure. But less so. It can be slightly "nicer", however interestingly it can sound just very minimally tonally off sometimes. Highlight on very minimal.
Choose your poison. I prefer the resolution, air and spark of the MSB. However, let me put it is way: If it was an average, but very detailed Sabre S/D DAC, the treble with the afore-mentioned characteristics could have been very challenging. However the MSB has no trace of harshness or glare. Even so, the combination of clarity, air, spark and resolution requires even more careful management with headphones like the HD800s. This is not a concern with my speakers or the HE-6s for me, but could be with for some with bright sounding transducers or systems. To be honest, the Yggdrasil doesn't make for an easier job either, but it's a bit less resolving.
Resolution:
- With the Quad USB input, simply put the MSB resolves more detail than the others. Once warmed-up, detail is presented in an impressively effortless manner. From the instrument macro-details, to voices, to ambient detail, to positional cues, to bass, the Analog is a very very resolving DAC. In fact it is the most revealing DAC I've ever heard (R2R or D/S) in a familiar rig to me.
Switching to COAX and CD Player, the resolution reduces a notch and the sound becomes smoother and richer, and a notch warmer. It sounds almost like a different DAC. Anyone looking for the most organic sound from this DAC, coax could be the answer. I've never heard the old USB module.
- Yggy: Still a very resolute DAC, and before hearing the MSB, I thought the Yggy was an exceptionally detailed DAC. The new benchmark is here and the scale was reset. Yet again.
Similarly with the MSB, switching to COAX resolution takes a hit, albeit a bigger hit than with the MSB. Either the USB is really good, or the COAX not as great comparatively.
- Theta: For a 20+ years old DAC, it resolves a surprising amount of detail. Perhaps it could resolve even better with a more detailed USB interface. The one I have isn't the best I've heard at resolution.
As expected, the Theta does well with the CD Player, but surprising to me, not better than with the ifi ilink interface fed from network streamer. I prefer the latter for convenience.
Clarity/Background Blackness:
- This another area where the MSB is untouchable by the others. So clear sounding, with any input. Comparatively, the background is pitch black and it presents each sound with superb focus and presence.
- Yggy has a slightly smoky background compared with the MSB. If I had not listened to the MSB there was little way to notice this. Unfortunately this is one of those areas where once better was heard, you just know what's missing when going back.
Transient Response:
None of these characterics exist in a vacuum or isolation, so they are affected by other traits, which distinguish one sound signature vs another, and help to better describe what it actually sounds like.
- In the lower part of the FR comparatively Yggy has a more determined attack, followed by a slower decay. There's an energetic attack and propulsion to each note, however the slam is slightly mellowed by Yggy's smokier background and less precise focus.
- MSB has a very slightly less forceful attack at the bottom range, but it's a more focused and precise one. In the upper FR, the MSB is more visceral. Perhaps this is where MSBs native clarity and focus advantage come into play.
Tonality:
1. via streamer/MSB Quad USB/Gen3USB:
- The MSB is sounding the most neutral out of the three. Because the sound signatures are quite different, after a lot of thought, it and Yggy are not far apart in terms of tonal balance, however it does sound a touch more neutral, maybe in part due to its superior clarity and focus and less coloured midrange and bass.
- The Yggy sounds a touch nicer, smoother and warmer in the bass/midrange. The treble however can be more inconsistent, and this area of the FR can sometimes sound sharper than the MSBs. Averaging over the entire FR range, I think Yggy is a notch towards warmer comparative to the MSB.
2. Cd Player:
- The MSB shifts to a warmer/richer/"nicer" sound. Bass heft increases, voices are richer, treble is less energetic. Some detail/clarity are sacrificed. A very interesting way to listen to what sounds almost like a different DAC. But it's enjoyable, when I'm in mood for it.
- Yggy also takes a hit in resolution, but it also gets a somewhat muddy sound. I probably would not see much scope to use Yggy via COAX either with the CD player or the ilink interface. It seems to take a hit in clarity, openness and detail that is hard to mitigate.
- Theta V A has a clear notch or two of added warmness and richness compared to the other two. No USB here.
A matter of preference / system matching here.
Where one of the others is moar-ish than the MSB:
- bass heft (Theta> Yggy > MSB)
- richness/warmness (Theta>Ygg>MSB)
Where the MSB is moar-ish than the others:
- clarity/background blackness
- resolution
- presence (betters Yggy, but similar to Theta)
- imaging
- soundstage
Some tracks:
La Campanella (100 Best piano classics album). This is kind of how the piano sounds comparatively:
- the MSB shows the individual notes better defined in their own space. The note hit is very precise and focused.
- on Yggy the note hit sounds as if softer hammer heads were used. There is a bit less separation to each individual note and a greyish background. A smoother overall sound.
- slightly slower note decays on the Yggy
Leonard Cohen - Here it is
In the intro part Yggy has a bit better heft on the bass, but the individual instruments are more clustered together and it's all a bit softer sounding.
- MSB: Leonard's voice is frankly the best I've ever heard it (wow this sounds so bloody real). It's not easy to describe what it is about it, but it's the result of every strength this DAC has, as a combination of excellent clarity, focus, rich textures and superb definition. Each vocal inflection and transition is very clearly defined and superbly textured, giving the voice amazing presence.
- Yggy is no slouch. The voice has smoky quality to it, which I quite enjoy and it sounds smooth and well textured. What it cannot match is the presence, focus or resolution of the MSB.
Carmen - Habanera (Best Opera Classics 100 Vol.2)
- From the first few seconds in the intro it is noticeable the MSB highlights individual instruments with better focus, precision in their own space. The voice emerges from a very dark background and the dynamic heights it can reach makes it goose bumps impressive. I've listened to this track with the MSB over several days already, and it still sends shivers when I listen to it right from when the voice starts. And from there it gets better. Need I say more?
(As a side note and interesting to me - not all the transducers I have were similarly capable reproducing the sensational soprano vocals: The HD800s and LCD-3Fs fell short of recreating the incredible presence and emotion on this track. It was only the HE-6s and speakers that could deliver the vocals with jaw dropping see-through the recording quality)
- With the Yggdrasil the instrumentation is good, but even on the highest DR passages it is kind of blended into a smoother more relaxed background space and it never reaches the thundering amplitude the MSB can, such as in the interludes between the voice and instrumentation. The voice is really great on the Yggdrasil, but it just doesn't have the presence and emotion the MSB instills. I asked myself if I could still be as happy with Yggy's female vocals rendition, as it is very good, but both myself and wife have agreed: There's no going back in this case.
On some tracks/albums however the MSB will highlight vocal sibilance a bit more than the Yggy does. This thing resolves and it will indeed show whatever there is on the recording. I said it before: I don't think it can be had both ways. This is exactly what Yggy does vs lesser DACs.
SQ aside, what I don't like about Yggy:
- Takes days to warm-up to its full potential. But the good thing is, after that it's pretty steady even after a very short power off or if not used for a while.
- It's supposed to be modular and upgradable, but one may need an architect with a plan to open it and get inside.
SQ aside, what I don't like about the MSB:
- Price
- Accessories "upgrade" policy and pricing, for what most vendors offer as standard accessories
- This DAC is the strangest in terms of staying warm and at full potential. From cold I found it takes a couple of days for the sound to fully settle. When it does reach its stable state and potential, it sounds incredible. But this is not all. Even if it is powered ON, if for example the USB input is disconnected for some time (not sure yet, if it needs to also be playing music or not; I have to yet test what the effect is if for example SPDIF is active but USB is not), the DAC starts getting cold to touch. When this happens, I found the sound quality starts degrading...
- Only 1 year warranty
Conclusion:
Before hearing the MSB Analog, I've read over time pretty much all that was written about it, ranging from reviews to impressions. Without having heard it, I kind of expected the sound was going to land somewhere between the Theta and Yggy. This definitely it was not and again that shows how misleading any expectations can be. With that left at the door, the only experience that really matters: At home and at length. Which is what I would encourage anyone to do.
So where does everything fit then?
If one is looking for a really great sounding DAC AND offering great value: Theta V A or Yggdrasil both fit the bill perfectly. Either of them has a great sound balance and definitely offer silly good value as good DACs go. Compared to the Theta and Yggy, using the Premium Quad USB input the MSB ups the game to another level in critical areas for a DAC such as: resolution, imaging, focus, clarity and dynamic range, while having a controlled dose of R2R goodness, not too much not to little of it, and a neutral sound signature.
Well... and then there's that entry bill. But I have answered my original question: The MSB is a keeper as my main DAC. The remainder question is which other DAC will go, as I only need 2 DACs. I have not decided on this yet.
Later edit: It became quite clear after a few more days, the Yggdrasil was the DAC to go. The main reason was that it is not complementary to the MSB Analog, whilst the Theta V A is. Yggy is a very good DAC and I enjoy it, but there wasn't much that the Yggdrasil did better compared to the MSB Analog, while the former is offering a closer sound signature to the MSB sound than Theta does.
I guess the side story here is that even if indirectly the Theta V A did win another victory, which is really very impressive, without having to add the mention: for a 20 years+ old DAC. At what it does well the Theta is exhilarating and it's here to stay for now, together with the MSB Analog. Subject to if/when I get some time, I may brush up and publish more notes on how Theta compares.
