I definitely agree that Chord's USB implementation at least, is terrible. Which is why the SRC-DX is borderline magical. Yes, that's the reason why I went down the USB path though, is due to it being the only format that allows me to output up-sampled 24 bit 768 khz data to the SRC-DX.
Upsampling+ noise reduction is the only "cure" I've found for the compression you're describing. I was close to getting the Innuos, but I'm very skeptical that what it does so well is due to re-clocking. USB audio just doesn't work like SPDIF. Any improvements people hear are most likely due to the clean power provided by the Phoenix. Even if it did somehow matter, the SRC-DX's clock would override that when converting USB to dual SPDIF.
Add to that Dave's very high jitter resistance, and the Intona USB isolator + mains filter makes more sense. I've also tried SOTM TX Ultra USB + Farad LPSU our of the same conditioner in front of the SRC-DX, and frankly all it did was add noise. It sounded much worse, which is why I now prefer a chain with as few PSU's as possible, so I've given up on auditioning the Phoenix. I believe
@edwardsean can offer a counter-argument here though.
I realize having a PC in your system might not work for everyone, which is why paying a premium for a tidy solution like the Grimm, or another up-sampling streamer might make sense. The Grimm seems overpriced and underpowered Imo, but they were first out the gate, so that counts for something. This is clearly the direction the industry is going, however I would wait for more capable solutions.
Why I would prefer the Lumin (besides being 5x cheaper, though that's their entry level offering) is due to it being able to support much higher sampling rates. I wouldn't be surprised if it could beat the Grimm in combination with an SRC-DX. This of course depends on the quality of the up-sampling algorithms used by each, but I'm definitely auditioning one as soon as possible.
Chord isn't the only game in town anymore, and using HQP confirmed that the software is what makes most of the difference(for good or bad), not our fiddling around.