I've had mine for about 4 weeks (new V-DAC II, that is). I purchased from the UK, along with the new versions of V-PSU II and V-LPS II (haven't received those yet, though). Here are impressions:
- Plugged into the same Tripp-Lite PR-3 I was using as my regulated power supply for the first V-DAC. (plug and 12-volt DC is exactly the same)
- ALAC files (standard CD-rip 16bit/44k) sound about the same as V-DAC + V-Link combo that I was using. I notice only a slightly tighter, more controlled bass (just seems a bit less muddy/loose--though it WAS NOT a problem before) and slightly better ambience or air in the upper ranges like cymbals etc. It's very subtle, but it does seem less fatiguing over the course of a long listening session.
- the BIG difference--24/96 files sound AMAZING. When I got the V-Link this summer, I purchased some 24/96 albums from HDTracks.com (Nevermind, Saxophone Colossus, Mysterious Shorter). The first two sounded only marginally better than the CD versions I already had, the third was a new album I didn't already own. You could tell that they were better than the CD, but they still did not quite live up to my experience with the vinyl. With the V-DAC II, I was stunned at just how good 24/96 sounds. I would say this format is every bit as good as vinyl (and my setup is pretty good--a highly tweaked Rega Planar 3 with the V-LPS). I will be buying only 24/96 from now on if not available as vinyl (I stopped buying CDs a couple years ago unless it was absolutely the only way to get something better than an mp3).
I will post another reply when the V-PSU II arrives from across the pond...