Pros: Exceptional sound quality - as DAC and as USB to SPDIF converter, good looks, small size, very aggressively priced
Cons: Might not have enough inputs or features for some applications
Not to pat myself on the back too much, but I was one of the very first people to review the Invicta DAC from Resonessence Labs ($3999). I found it to be exceptionally good - competing with and even surpassing several of my other DACs which cost significantly more. The Invicta system went on to become a very successful product, well reviewed by numerous other publications and (more importantly) highly enjoyed by lots of users.
One complaint, if we can call it that, about the Invicta was that it offered more than some people needed. This was tricky because the very reason that some people loved it - the all-in-one aspect with integrated headphone amp and SD card audio playback - was seen by other users as superfluous. I love the feature set Invicta has to offer but I can understand someone who already owns a top-level transport and headphone amp not wanting to pay more for those added features. There seemed to be a vocal group of folks asking for a similar release from Resonessence with "just the basics". Enter the Concero.... sort of.
I'll just say this now to get it out of the way: At $599, Concero is not a stripped down Invicta with all the same parts minus a few goodies. That product may still be on the Resonessence drawing board but this ain't it, and if that ever does launch it will most likely still cost several thousand dollars.