Just ought to say a few words about this dac too. It's terrific as a dac - but the headphone amplifier is lacking.
As a dac the sound is a level above stuff like the vdac and the difference is quite noticable in terms of resolution, clarity, instrument separation and depth of sound. But when the headphone amp is used, err, the magic disappears. It's surprisingly good with the mad dogs but that's an exception as with my denon's and ultrasone headphones it just doesn't match. Hollow and bright sound.
The M-DAC headphone amplifier is far from lacking!