Seeing that the best budget R2R unit available does not have a dedicated thread, I took the liberty to create one myself. Website: http://audio-gd.com/R2R/R2R11/R2R11EN.htm Specifications: Model: Audio-gd R2R 11 Type: Single-ended discrete ladder (R2R) DAC/amplifier DAC: Audio-gd's own 2x DA-8 R2R modules Amplifier: Audio-gd's ACSS discrete transistor design Inputs: USB (Anamero Combo384), optical, coaxial Outputs: RCA single-ended outputs, 1/4" headphone out Amplifier power: 3,500mW @ 32ohms - 150mW @600ohms Other features: ALPS volume potentiometer, low (0db) and high (12db) gain switch, tonality adjustment through jumpers (adds a bit of warmth), native DSD & DXD support through USB, KOA / Vishay matched resistors, full-aluminium chassis MSRP: $330 (promotion), $350 afterwards Subjective impressions: (My previous favorite units were the vintage Theta DACs, followed by Chord Mojo. Favorite headphones include the HE1, Utopia, L700, MA900, 400i and S, K7XX, ESP950 and others. I enjoy a fairly neutral sound, but with smooth extended treble, free of peaks. I value good separation and always try to find a headphone that straddles a fine line between detailed and musical. I was going into the R2R11 with a healthy dose of skepticism, owing to my mixed audio-gd experience with their previous DS offerings and the low asking price of the unit in question) Luckily, I've been listening to this unit for the last couple of days and it's made its place in my collection as one of the highest regarded units that I've owned to date. The tonality as an all-in-one is spot on, very analogue-like akin to the Theta, but better detailed, with wider soundstage and just as much vintage goodness. The amplifier has ample power to drive most headphones and with the ones I've tested so far it sounded excellent. It has all the essential inputs and performs well through the speaker outs with my monitors. The USB implementation is rock solid and as someone who's had many issues with their previous VIA USB32 module, performs flawlessly and sounds great (across all three inputs no less). The ALPS potentiometer feels super smooth, there's also the low and high gain switch, an input switch as well as a HP/variable/fixed output selector. It can also be made slightly warmer sounding by adjusting a set of internal jumpers though I did not find this necessary. The unit is barely warm to the touch and blends fairly well on a modern desk with its fairly small black aluminium cubeprint. For the asking price of $350 (well, closer to $450 if I account for shipping and VAT) I consider it one of the best values out there. Not only was the sound way above what I expected in the best case scenario (somewhere between the Mojo and Theta, closer to their DS offerings) but it also ranks as one of my cheapest audio gear purchases. Taking a glance at my profile, I can't see a cheaper or equivalent DAC/amp inclusive product that'd sound nearly as good. In conclusion, I am stunned yet delighted that there's a unit like this now available, and as much as it was a shot in the dark for me (completely new R2R design, new USB board, low price, mixed experience) I can safely say that this unit will stay here for a while and that I don't think there's frankly a better R2R (or Delta Sigma) DAC/amp out there right now in its price range. (or even a few notches above it) My congratulations go to Audio-gd's Kingwa for being able to craft a truly groundbreaking product, priced to be available to most anybody looking for a unit like this. Well done, guys!