What would you say the sonic strengths of the Cayin would be? I can’t really find a single review out there, other than what you’ve written about it, and the brief blurb on the ZMF website.
I remember reading reviews of that modwright setup, wasn’t it like double the cost of the actual 205 unit?
If I recall correctly, the ModWright upgrades to the 205 were $2500. Original price of the Oppo was $1299, so yeah it was about double. That still put you at under $4k for what I'd argue is a world-class DAC/universal disc player.
Plus, have you seen the market for used 205s these days? Excellent condition models will easily go for the mid-$2k range... one of the rare pieces of audio gear that actually increased in value. I've also seen a few ModWright versions go for around $5k so even that is an increase, despite mods usually being a terrible value on the used market.
Anyway, the CS-100DAC, when running in SS mode, is very neutral, revealing, clean, and has excellent detail retrieval, without feeling overly clinical/sterile. It's just a great example of a straight-forward DAC sound that imparts very little editorialization on the music.
Switch to tube output mode and things get more full-bodied and thick, with a beautiful bloom and harmonic richness that is perhaps not as accurate but certainly more fun at times. It's also smoother and more forgiving of bad recordings or harsh headphones.
It's almost like two DACs in one when you consider the differences between those two modes.
The Cayin is probably the most sensitive DAC I have right now (out of maybe a dozen on hand) when it comes to transport quality. It sounds pretty lifeless when I use a general purpose device like a Surface or other laptop. But it scales very well when using a quality device - the Stack Audio Link II, Matrix Element S, Euphony Summus, or my ModWright Oppo 205 all help it "wake up", each in slightly different ways.
I still plan on swapping out the 6922 tubes and messing with different opamps at some point. Been putting it off forever but one of these days I will find the time. It's possible there is even more performance to be had from the Cayin.