I've had the loki, nano and micro. The nano was significantly better and smoother than the loki. The micro is significantly better than the nano.
Yes, I certainly considered the Loki along with the Nano back in February when i was first in the market for a DSD capable DAC. Michael L. of Audiostream gave it a great review. (Of course, he later gave the Nano a glowing endorsement)
The only thing about the Loki, other than that it is DSD only, is exactly how it converts DSD. Now, there are lots of opinions on the various DSD conversion methods, but in my opinion, the least amount of DSP leads to the best sound. Of course, you have Michal at Mytek extolling the virtues of the ESS chipset, which ultimately converts DSD to the same multi-bit Delta Sigma format as everything else that goes into it. But back to the Loki. The AKM chipset in it is similar to the ESS in that it ultimately converts DSD into a multi-bit delta sigma format.
Well, is all that really a big deal though? Isn't multi-bit delta sigma better than one bit DSD? Well, yes it is, in my opinion. The problem is in how you get there. You can't just magically turn one bit DSD into multi-bit delta sigma. There is a process, and it is lossy. The process at least involves digital filtering. The output of which is a multi-bit format, which may or may not be at the same sample rate as what went in. Then the multi-bit intermediary (which I am not comfortable naming. You start using certain designations, and the format wars begin) must be re-modulated via another delta sigma modulator. So you have a least two delta sigma modulations in the chain, as well as a digital filter, which can and does denigrate the impulse response and can add ringing.
The question we then have to ask is, "Do the benefits gained by converting to Multi-bit Delta Sigma outweigh the losses incurred during the DSP required to get there?"
My answer is no. Not in my various listening tests. Now DSD can sound very, very good after processing, and often does take on somewhat different, if not positive characteristics. It this were not so, those DAC's that process DSD would be getting panned. But ultimately I prefer the sound of 'pure' DSD conversion. For the same reasons, I am not a big fan of DSD 'upsampling' either, like is starting to be included in some boutique products. The other interesting thing is, the same process is required to simply down-sample DSD! So if you have the option to buy DSD at multiple rates, the best option will be the original rate. The same could of course be said for PCM, but that is a different discussion!
whew! deep breath time. All that to say, I am not surprised a couple of you have found the Nano and the Micro to be superior to the Loki. It in my opinion just comes down to a better implementation.
iFi is really loaded for HE-6 this time. Wish I have one to pair with mine haha xD
