Back in 2012, I bought a Metrum Octave and I thought I'd see for myself how a non-oversampling DAC performs. These are only sine waves at various frequencies through the Reference 7 and Metrum, They are quite interesting. Note that the scale is not always exactly the same.

Reference 7, 1 kHz 44.1/16 (Distortion is probably noise in the scope)

Metrum Octave, 1 kHz 44.1/16

Reference 7, 5 khz 44.1/16

Metrum Octave, 5 kHz 44.1/16

Reference 7, 10 kHz 44.1/16

Metrum Octave, 10 kHz 44.1/16

Metrum Octave, 10 kHz 24/96 (High-res effects the same thing as using 2x oversampling - the aliasing has mostly gone.)

Reference 7, 15 kHz 44.1/16

Metrum Octave, 15 kHz 44.1/16 (Ouch!)

Metrum Octave, 15 kHz 24/96

Reference 7, 20 kHz 44.1/16

Metrum Octave, 20 kHz 44.1/16. Wow, but by this point the usual NOS filters will have rolled off the output severely.

Metrum Octave, 20 kHz 24/96.
Reference 7, 1 kHz 44.1/16 (Distortion is probably noise in the scope)
Metrum Octave, 1 kHz 44.1/16
Reference 7, 5 khz 44.1/16
Metrum Octave, 5 kHz 44.1/16
Reference 7, 10 kHz 44.1/16
Metrum Octave, 10 kHz 44.1/16
Metrum Octave, 10 kHz 24/96 (High-res effects the same thing as using 2x oversampling - the aliasing has mostly gone.)
Reference 7, 15 kHz 44.1/16
Metrum Octave, 15 kHz 44.1/16 (Ouch!)
Metrum Octave, 15 kHz 24/96
Reference 7, 20 kHz 44.1/16
Metrum Octave, 20 kHz 44.1/16. Wow, but by this point the usual NOS filters will have rolled off the output severely.
Metrum Octave, 20 kHz 24/96.