Very useful, detailed and informative review Currawong. This DAC just went back on my "maybe" list!
Did you mean to write "non-digital" in this clause: "I feel I'm hearing what a piano sounds like through a non-analogue system"

I've clarified that line, thanks. That review has been sitting around my computer for ages, so I wanted to get it finished off. I don't think my writing is as good as it could be.

Great review, thank you for sharing your impressions!

Thanks for the review. Fascinating that you just reviewed this, as I just came across a reference to it and am wondering about it. Couple of things:
I wonder if a better quality transformer on the SPDIF input would let the thing lock onto higher sampling rate signals.
With 4 DAC chips, it would seem that balanced outputs would be very easy to offer, wonder why they don't.

@milosz:
I think they are concentrating more on headphone users and balanced headphones are neither popular nor very much better than unbalanced. PLus, as Currawong titled his review, this is supposed to be a 'No frills, no options, just great sound' DAC.

milosz: The chips are stacked for NOS operation, not set up as dual differential. Even so, it probably helps that both amps I was using, the Phoenix and Stax amps don't lose anything when using their single-ended inputs.

Yes I understand they are watching costs. Balanced line users are a minority.
I don't know that they are concentrating on headphone users; none of the reviews listed on the manufacturer's site even mentioned headphones ( http://www.6moons.com/audioreviews/metrum/1.html , http://www.nosminidac.nl/downloads/octavehificritic.pdf and http://www.tnt-audio.com/sorgenti/metrum_octave_e.html )

Came to read about the Metrum left lusting for the 7.1. Again. Thanks.