Yup, makes sense, don't know if Dave has variable output, don't really care though I thought about getting a Dave at some point because of rave reviews but then came GoldenSound and said May is better than Dave and it sold the May to me because of lower price.I’m not sure why there’s a fixation with numbers; it either sounds good to you or it doesn’t. Don’t forget also the output level of the DAC. The Holo May for example is known to be hot and cannot be controlled other than by a passive attenuator or a pre-amp. Other DAC’s have a variable output control and can be ‘tuned’ to whatever amp you use, thus meaning different ‘numbers’.
I'm definitely happy with the May and the Bliss though, also for build quality and lack of problems, it just works.
While I run my Caldera like I said previously around -30 mark on the Bliss, I think because of the sensitivity difference of the Immanis I'll be jumping to around -20 or -15 so I'll still have even more headroom, but that's an assumption, I also have Utopia which is more sensitive than the Caldera by 9dB IIRC but has more resistance, but I was running Utopia on about -35 or -40 but then Immanis is like 84dB sensitivity IIRC, but it will also be able to get more power by the interface making it 32 ohms, so no idea (Other than what you just said) how they got to -5 on the dial with theirs.
We'll just have to see