I'm not a DAC expert, so feel free to educate me as needed here. But in my mind, the two main functions of a standalone DAC are to 1) Convert a digital signal to an analog one that best matches the original source (duh), and then 2) output an amplified signal with as little noise and distortion as possible.
I've bought a few expensive DACs, and given that the cheap stuff is already measuring really well on point (2), I've attributed the improved performance to the actual DA conversion -- Holo/Chord/Rockna/et al are giving me a fundamentally better analog signal out of the digital input because they're using their own technology to do the conversion. SMSL and Topping do a fine job and measure as good or better on noise and distortion, but they're never going to get to Holo levels of performance as long as they're using those ESS chips.
Now, if the Wandla ends up sounding as good or better than the Holo/Chord/Rockna/etc products at the same price range, I'm going to have a problem because one or both of the following has to be true:
A. The primary digital to analog conversion step is NOT improved by using all the fancy R2R and FPGA technology in lieu of a cheap ESS chip. Rob Watts is wrong, Jeff Zhu is wrong, we've been pouring money into snake oil all this time and ASR is right to be pointing and laughing at us.
B. The amplification section is dramatically more important than the DAC step and that improved performance isn't measurable by distortion, noise, etc.
If (A) is true, then the whole high end DAC game is a farce. I know there are lots of people that believe that, but I'm not one of them. I'm actually not aware of any high-end standalone DAC that uses ESS chips (the Benchmark DAC3 is maybe the highest-end I can think of and still comes in at half the price we're looking at here?), but I'll take your word for it that they're out there. And if (B) is true, then it's awfully weird for Ferrum to not include the high-performance power supply given that it would be foundational to the performance of the unit -- you wouldn't even want to give people the OPTION of using a $2800 DAC that couldn't really get that right.
So anyway that's why I'm confused about this product. If it turns out to be really good then it turns the whole "high end DAC" thing upside down for me and I'll have to re-evaluate how I think about these things.