Your right, the CM108 is inherently inferior to the async implementation. However the sum of the teralink's parts are greater then the musiland 01. Higher quality capacitor's and clock. That's why he was a bit surprised to see the teralink win. Maybe the Musiland 02 is a closer match. I was thinking of getting a Musiland, but it's hard to justify really, because my DAC(made by the same people who make teralink x) uses the same clock and chipset as the Teralink-x for usb input, and it dosent sound like even the M2Tech is a big upgrade.
Thanks for the detailed review. Have you tried the new driver for the musiland? Some people report improvements. Also, based on the pictures here: TeraLink-X USB audio converter (USB-to-SPDIF) - Windows Live the Teralink seems a step down from the Musiland. The usb receiver is a c-media device.