The description on the Asgard 2 page says it has pre-outs?
And by looking at the pic of the circuit design: http://schiit.com/cart/images/asgard2_05.jpg
I guess the pre-outs don't come straight from the in-plugs. It looks like they first run through the potentiometer circuit. Also by the lack of a selector switch I assume that the pre-outs and the headphone are powered at the same time. That would be good for running my monitors and/or headphones and just powering one or the other on....(no cable switching).
Also looks like the left and right channel circuitry is further separated and not split up by the capacitors like the previous asgard. This probably has something to do with how they achieved the lower total harmonic distortion that they state on the product page (A2: Less than 0.008%) (A1: Less than 0.06%)
The large capacitors looks to have changes, both in size, type, and locations. As well as the transformer.
Also the asgard 2 looks to have less resistors and more surface mount components (unless the capacitors are hiding them). This will most likely make less work that must be done by hand. (Unless they are manually placing surface components and baking solder by hand)
-----I'm excited to receive the one I ordered. Looks like great improvements to me....