Thanks for a very informative post.
You're absolutely right. I've heard some allusions to the UD-501 vs. the Concero, but nobody has actually put them in a head to head match.
I imagine that for a lot of people the Teac would be a no-brainer over the Concero for the same price. But I really don't need the features of the Teac. I don't do headphones or DSD. And, to be honest, I prefer the simplicity of the Concero. The thing is sound quality as a DAC. That's what I really care about it. And also synergy with my system.
I haven't heard any negative reviews of the Teach, but I have been advised from some pretty knowledgeable people that it is one to avoid. No explanation of why though........
The Fostex HP-A4 looks interesting. I see it was just added to Kakaku.com a few days ago. No reviews or discussion of it there yet though.
http://kakaku.com/item/K0000588800/
And you're right. That comes in well under my budget. But I really don't need the headphone amp.......