I decided to send mine back because I accidentally got one of the early versions with the built-in USB. I want to keep things clean (no USB) and have the option of getting a higher quality USB module for it in the future if I want. But I did manage to do some more initial testing:
The 16 bit /44 kHz DAC did not impress me that much, coming from Icon HDP. The Icon´s built-in DAC wins by far, better soundstage / instrument separation / details etc.. That said, the built-in DAC is good if you have mp3´s or stream modern victims of the loudness wars from the internet (in other words it is less revealing). For its intended use: (for a short time before you get a "real" DAC) it´s good. Considering that it´s a small chip inside the AMP box, it is suprisingly good though. I don´t see any point in including an USB dac inside the V200 though, makes no sense to me to run it through it as the V200 is not exactly cheap.
That said, more impressions on the actual amp: (I will ignore the blurry soundstage etc which I´m sure was caused by the lack of burn-in and the included USB DAC which I was using as a test) it has a very relaxing sound... If you want to listen to like 4-5 CD´s through in a row, this is what I would like to use. It doesn´t make you tired like the Icon HDP does with its edgy sound. All in all, it has a very sophisticated, pleasant sound. I´ll get my replacement unit back soon so I can continue my impressions then.