I'm inclined to say it's on paper.
I can't properly test it without attenuation, the output overdrives my amp; and it would fry Essence STX's 2 vrms unprotected line in.
The results were unspeakably bad using 12db harrison attenuators (3 vrms -> .775), but that's way too low for the adc on Essence, perhaps it greatly influenced the signal.
The results were like 80-87db snr/dynamic, .05? thd/imd, -66db stereo seperation ... didn't even bother to save results it was so bad. It was dropping off the low frequencies a lot, too. RMAA showed the peak of the test tone at -10db - so perhaps this card's real snr is 90-97db? Still bad thd/imd, and only 16bit performance if that's the case.
Hopefully someone with a better ADC that can handle its output will test this dac. I probably shouldn't have gambled on an almost unknown chinese product.
Definite cons to this dac, which are silly for its price range IMO:
-You will in all likeliness need an input volume control if you use the line out unless you want to overdrive or possibly fry things.
-Line out and headphone out can't be switched, they're always on.
-No balanced output - little dot dac_i plz?
-Can't easily swap in better, lower thd/noise opamps like LM4562.
-USB input not asynchronous
Anyways, my review:
Speakers: a dac sounds like a dac. seriously.
Headphones: My A900's don't need an amp, they need an attenuator, and the volume knob on this works nicely for that, letting me use windows volume at 100%...