We have discussed here from time-to-time Benchmark's "UltraLock", and posters have asked if it is more than just re-clocking on the DAC side. The Benchmark man, EG, says "yes, much more".
I now have my own proof. Through some poor re-cabling and SPDIF signal splitting, I have (without meaning to) introduced a high degree of jitter into my SPDIF chain.
One of my DACs, which does re-clock for sure, can no longer reliably sync with the SPDIF signal. The manufacturer says it is the jitter I have introduced. Even though his unit re-clocks, the SPDIF receiver circuit itself cannot "lock on", the SPDIF jitter is so bad. He said "Benchmark's UltraLock can do this" ... and indeed it can. I plugged my Benchmark DAC-1 in instead, and it sync'd right away. Sounded great!
There is no mistaking this -- I plugged in one, then the other -- back and forth ... the non-Benchmark would lock-on sometimes and then suffer audio drop-outs, other times just display "No Data". But the Benchmark DAC-1 was rock solid every time!!