Got the 3950 and listening to it already. Out of the box impression, using the Silver Sonic BL1 interconnects, and comparing to the Marantz's decoding. Both using my Titan speakers, and HD650+Zu connected to the Marantz's headphone output.
My Marantz SR4000 receiver's DACs have always been warm sounding, at least in particular compared to my stock NS500V. The 3950 does have a very smooth sound, in particular very smooth top end, and this is plain out of the box. It is very easy to notice this smoothness, and that's why I'm writing an out-of-box, pre-break-in comment, which I have avoided on most other things I've tried lately. The Marantz sounds a bit harsh, maybe I should say a bit more digital, in comparison. In particular voices, they bite in your ear a bit harder from the Marantz, from the Toshiba they sound more pleasing and smooth. Remember I say this when I have never regarded my Marantz receiver as harsh, rather certainly warmer than my stock NS500V.
Bass in the Toshiba, at least out of the box, is not impressively strong compared to the Marantz, but it is decent. Not long ago I also tried a Pioneer 563AS. Remembering how the Pioneer compared to the Marantz, and comparing now the Toshiba to my Marantz, this out-of-box Toshiba to me sounds a bit smoother than a well broken-in 563AS, but the Toshiba has a bit weaker bass though. The bass in the Toshiba seems similar but a bit better than my stock NS500V, not as strong as the 563 which was marginally better than the Sony's for me. The comparison of my Sony with the Pioneer and the Azur 640C was the reason I sent my Sony to SACDmods, its bass can certainly be improved. I would say the same about the Toshiba's, at least from this out-of-box, and very quick impression.
Ah forgot to mention, the Toshiba has some transport noise, but it is not near as noisy as the Azur. If the Sony was 1 in a self-made scale of noise (my Sony NS500V is impressively quiet when playing CD's, playing SACD's paradoxically is a bit noisier), I would say the Pioneer was 1.5, this Toshiba is probably 2.5. In that same scale the Azur I tried was maybe 4 or 5, which is why I eventually didn't keep it.