So I've indeed compared the One to a ST with good opamps on a pimped Fostex T50RP:
It's a clear knock out!
The ST sounds like a PC internal board in comparison, and no opamp in the world will be magical enough to make it compete with a serious external DAC....the noisy high ripple switching-mode computer PSU prolly has a lot to do w/ this. Clearly, there's no way back from the One to the ST...as usual with audio, there's always something better sounding out there and once you will have heard it you *will* be spoiled
Don't get too hung up on those SNR/IMD/THD+N measurements being better on the ST/STX, because as an engineer recently told me:
Measured data is valuable, but by no means the most important thing in building high end audio gear. It is very, very easy to build a unit from a handful of chips (opamps) that performs very well on the meter, but sounds awful. Feedback circuits were invented because of their ability to correct for everything – by this it is easy to achieve 0.0005% THD figures. Music is not pure sine waves, not even a sum of two (intermodulation).
It's a well know fact that specs won't tell you how a piece of equipment will sound to you: http://www.gearslutz.com/board/4432704-post5.html
there were many scientific researches that proved that all variations of IMD, THD, THD+N tests, and all other specific tests can't be used to say how well the sound is reproduced in terms of subconscious human perceptions. And there still are some stubborn engineers and scientists who won't see any evidences.
All this said, there are a few things I really enjoy on the One:
-the fact that the coax input inserts silence instead of glitches when switching sample rates, I couldn't bear those S/PDIF glitches anymore..whatever DIR9001 or CS841x glitch like hell when switching sample rates. They need to resync, and that hurts my ears.
So that makes the coax input a truely viable option, and the nice thing about coax is that you get galvanic isolation from the get go...which is impossible w/ hi-speed USB except if you're willing to spend a grand on optical isolation(that will introduce jitter of course).
-it remembers what input was last used when you turn it back on, most DAC's become amnesic when you shut them down IME
-the SS is really really 3D and mind blowing! Too bad the One is based on 5532's and 4562's and that these opamps are really not analytic enough to my taste. My friend already ordered these, I will update my impressions: http://www.ebay.com/itm/mod-10x-AD797BR-Dual-Mono-Op-amp-module-up-NE5532-/350485764109
Asus clearly went as "discrete" as you can get w/ opamps through a fully dual mono design, and instead of doubling the price due to using higher end opamps, they've decided to put entry level chips so the OCD'ed audiophiles can go nuts searching for the killer combination until the end of the days. The One is clearly a roller's dream come true.
Also, the manual states that there are 4 screws to service the unit, but there are actually two more at the back in the middle. It would have saved me some frustation to have it clearly stated in the manual.