Hi H1, The discussion about "sinergy" between DACs and tube amps, specifically the Euforia in this case, promises to be a very interesting one. I admit not having the chance yet to hear a Chord Hugo, but know is regarded among the best in its price range. The FPGA architecture, strictly speaking, means that the decoding algorithm of the DAC is upgradeable via software, which is indeed a very desirable feature. Some of the very best DACs do have this function, pioneered by the great Theta DACs. The Schiit Iggy (as I understand) is a modern descendant of the Theta, but much more relevant than this feature in terms of SQ is the decoding format, (and of course the implementation of the analog output) simplified around the current discussion about delta/sigma (the vast majority) vs. multibit DACs.
And I say simplified, because true multibit DACs were abandoned many years ago by the industry, they were very expensive to manufacture, needing a precise laser trim on hundreds of "ladders", and only recently, audio manufacturers identified a renewed demand for multibit DACs, so they hurriedly implemented specific industrial multibit ICs for audio purposes. Some with great success, like the Iggy. But, how they compare against true multibit DACs, expensive, hand trimmed, made exclusively for audio many years ago, and never made anymore ? Interesting question, and in many ways similar to NOS versus current production tubes. In fact, there is a cult following around pieces like the UltraAnalog 20400A, a multibit module made up to 1990 or so, which is, truly, the GEC of all DACs !! This one was used in the absolute top high end DACs of the time, among them the magnificent Spectral, and their current production at nearly 20k a piece, still uses it, as I understand. Kind of a NOS DAC, if you want. More modestly, my Parasound DAC 2000, 1990 vintage, also have this one, have compared it with quite a few much more modern DACs, and while you can say that this or that one are maybe better in some aspects, none of them even comes close against its utterly analog, un-digital, expansive sound, or its ultradeep, room shaking bass. Now I understand the cult. And this DAC just sings with tubes, as you can imagine. Anyway, this suggests that perhaps all the new technology does not necessarily offer better audio, as the industry want us to believe. And come on, we collect old tubes, so we now that.