IDK guys, I've been following this thread since it began and thought I'd share my experience w/ Stanley and my MKIII DAC.
I purchased my MKIII DAC a little over 3 months ago, it was actually when the MKIII first came out. It is a great little DAC. It isn't as analytical as my modded Zhaolu 1.3, but it is warmer and more energetic. Overall I would say that it is a fun DAC. (I don't mean that in a bad way)
I talked with Stanley for some time before purchasing the DAC and when I did shipping was very fast. However my DAC arrived damaged. Numerous places on the DAC had paint chips missing (not horrible, but noticeable nonetheless), the case was warped so that the DAC did not sit level, but instead it rocked back and forth (2 legs touched the rack and 2 did not. The two that touched were kitty-corner from each other), and the hiss from the headphone jack was much worse than I had expected with my HD595's.
I contacted Stanley about these issues and he offered a couple different alternatives. He would either refund my money completely, send out a replacement right away or let me wait until he perfected the headphone out and then send me a replacement.
I have periodically kept in touch with Stanley since then, and also kept an eye on the development of the DAC. Now, it seems that the MK-V edition has removed the hiss from the headphone amp so I contacted Stanley about getting a replacement DAC as per our arrangement. He responded telling me that he could no longer give me a replacement, but I would have to send my DAC all the way to him and have him do the upgrades. He has yet to get back to me with an address so I can check on shipping. But I am a bit upset. This was not part of our agreement and he is backing out because it is now inconvenient for him. I know that his original offer was very generous and was more than I had originally expected, but still he gave his word and is now backing out. What is more we both have his exact words in writing to refer to. I'm not sure what will come of it, but for the time being I'm frustrated and just wanted to let people know that while it may be a great product, and Stanley is quick to respond to emails not everything is always peachy.