Lets not get confused, im not saying the built in amp of the RME-ADI-2 is some kind of TOTL end-game solution.
Maybe not if the only criteria is the inbuilt head-amp, but the the ADI-2 damn well could be if you make use of all the other things it can do.
I'd say that if you buy this purely for headphone use then it's good, it's more than OK for the money, especially if the headphones you're using aren't to demanding on power, but the value proposition begins to kick in if you make use of the inbuilt PEQ and crossfeed functions.
Where the value proposition really kicks in is when you are using this device as a DAC and preamp for a power amplifier or high end powered monitors, or even using it as a pure DAC to drive another head amp or pre-amp.
This device is incredibly multifaceted and on top of that it really does deliver the audio goods. There's really nothing else quite like it on the market at the moment, and even if you're only going to use half it's functions it's a bargain IMO.
As for the SMPS situation, yeah RME supplies it with a SMPS, but you can use a LPS if you really want. That said many people who've tried a LPS with it haven't heard much of a difference - if any, probably due to the fact that the ADI-2 DAC does a very good job of cleaning up the power before it reaches the critical stuff.
I bought this, and if I thought it needed to be shoved in the toilet then I'd say so. I'm not one to hang on to "pride of purchase" or justifying my purchase by attempting convince myself that it's good - believe me when I say that I've bought my share of expensive stinkers. However this is a stunning device that totally fits my requirements, and then some.