I have the privilege of being the first customer to receive AR-T's Legato II USB-S/PDIF converter.
...So how does it sound? Well, it sounds very analog indeed. So much so that I thought I was listening to vinyl with a nice turntable setup. Everything flows with ease and yet it can be wild and dynamic if needs be.
I also happen to own the very last revision of the Legato (internally, this was labeled as rev 2). The Legato II has smoother treble (the last bit of digital glare is gone), a darker background revealing more details, longer decay/reverbs, more holographic sound stage, more dynamic sound and deeper bass. The tone density is also higher, with a more engulfing sound stage. The most striking difference to me is how much more ease in the presentation, and how much more analog it sounds.
Some of the sonic references that I am familiar with include: the Sony CDP-R10/DAS-R10 CD transport/DAC, Anedio U2 USB-S/PDIF converter, Anedio D2 DAC, Berkeley Alpha USB-S/PDIF converter, Alpha DAC series 2, Weiss DAC202, and MSB DAC IV Signature. Many of them are superb top-of-the-class devices, but none gives the same vinyl-like presentation as the Legato II does.