Recently, I made another comparison between PS Audio DLIII (stock) and Ref-1 with V5 DSP software. Just because I put Ref-1 in the FS forum, I would like to know what I am going to miss if that ever goes. So here is some interesting observation I found.
First, I found out that the strength of a DAC may take gears with enough resolution and music that highlights certain spectrum to really show clearly. In my case, T1 and Phoenix together did the great job for that purpose. And classical music, especially piano, that has quite wide range of frequency and dynamics, plus high recording quality enhances the difference.
In the past, I did some comparison of Ref-1 and DLIII at the bass quality since some posts criticized the Ref-1 bass quality. I found Ref-1's bass has higher density (more solidified) and momentum (impact). Later, when I tried again with different music (new age, easy listening music), the difference wasn't a lot. However, another comparison using Chopin's etude (Pollini) as tests, the difference immediately shows. The bass of Ref-1 had better speed (crispier), tighter control, and actually seems to be better located than DLIII. DLIII's bass is closer and warmer with some "glow" but a little loose. The bass locations presented were also different.
The soundstages setup by both have about the same width, but Ref-1 has deeper and farther presentation.
The difference on the high-freq information was quite larger than I initial thought. Ref-1 has much more details and yet maintain the similar smoothness. The sonic picture of Ref-1 has sharper edge and better definition. And the leading edge of the attack was much better with Ref-1.
Disclaimer: I have one Ref-1 at FS now. These observation was just a note for those who are interested in the difference of these two.
Post-note: Both DAC were fed by Audio-Gd's Digital Interface in my observation. I feel that DLIII's performance was much improved with DI. Most of weakness of DLIII may be related to USB input. When quality SPFID input was used, DLIII does much better. Still Ref-1 has edges over it.