Paul, life is complicated some times. I was puzzled why the DAC-V1 wasn't sounding as good as it should, especially by now. I tried my Rega Dac today. It's not sounding as it should either. Perhaps something is wrong with my system, or perhaps it relates to a problem I was having with my hearing several months ago. That was partially resolved, but there was still some lingering hearing impairment. It was difficult getting used to the change in my hearing, and I ended up not listening to music much after that. I decided to take a break from stereo in January. Naim announced this new DAC, so I ordered it, because I wanted more than the Rega could deliver. I wanted to see how I might enjoy listening to music more with a better DAC, in light of my hearing issues. Which brings us to now. After listening to music again with the new DAC, and listening to the Rega today, it appears that either the aspect of my hearing impairment that was better months ago is now back, or something is not right with the system. A friend with a much finer Naim system is going to stop by and listen, as will others, and hopefully I will have a better understanding of the situation soon.