Apparently the filter plays a huge role, too - just read the Yggdrasil FAQ.Well as somebody who judges things subjectively by listening to the darn thing, I agree with you. But I can't help but see the logic problem. If there is something that is causing it to sound better, well what is it? I don't believe that there is something in the signal we can't measure.
So for instance, I have heard the thing that timing can do on the Gungnir MB. Also I've heard something similar using an old Denon PCM 61 DAC CD player. But what is it? It has to be measurable, even if it may be difficult to interpret.
Also if some dac measurements are inaudible, then why don't all dacs sound the same?
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Oversimplified, however essentially correct: The filter is also time domain optimized which means the phase info in the original samples are averaged in the time domain with the filter generated interpolated samples to for corrected minimum phase shift as a function of frequency from DC to the percentage of nyquist - in our case .968. Time domain is well defined at DC - the playback device behaves as a window fan at DC - it either blows (in phase) or sucks (out). It is our time domain optimization that gives the uncanny sonic hologram. (It also allows the filter to disappear. Has to be heard to understand.) Since lower frequency wavelengths are measured in tens of feet, placement in image gets increasingly wrong as a function of decreasing frequency in non time domain optimized recordings - these keep the listener's ability to hear the venue - not to mention the sum of all of the phase errors in the microphones, mixing boards, eq, etc on the record side. An absolute phase switch is of little to no value in a non time domain optimized, stochastic time domain replay system. It makes a huge difference with an Yggy.
It seems that Schiit's filter is only available on the multibit models, so maybe some of the supposed multibit magic is more filter magic.
Rob watts also keeps pointing out the importance of his WTA filter, timing of transients, etc. Here are some musings by Rob Watts about using an M-Scaler with non-Chord DACs.
Standard measurements with one or two sine waves simply don't capture that. One of the biggest differences I hear between the Yggy and the DX7s is the deeper sound stage of the Yggy, the other is the more natural sound of actual instruments.