I'm following this thread with great interest, partly because of the promised head amp improvements, and partly because they changed the DAC chip to the very highly regarded PCM1704.
The DMK-MKIV has a CS4396 as the DAC chip, and the SMK-III has the PCM1704. Any comments or direct comparisons on how the DACs sound? I know that the sound of a DAC is more than just the chip....but to me this is a great shoot-out. Premium chipsets from Cirrus and BB, voltage regulation vs. current regulation, and HLLY is building units using both. AND...a good reviewer has both on hand.
I realize that head-fi is all about the sound, not about debating tech talk, please forgive if this offends.
Still drooling....can't wait for the whole review...