A pure DAC with headphone amplifier. It has support for remote control device, so I would expect preamp functionality, but is missing. TL;DR, Some good news, but still no NOS!
PSU - industry standard SMPS module. No separate cage, not even shielded, but the analog section follows with LC filters and a discrete regulator.
All digital inputs are galvanically isolated and internally reclocked, including USB. This is a strong feature. Unlike Denafrips that do all input processing in FPGA, it use XMOS chip for USB. However USB is still subject to reclocking, while it could be avoided. USB rates are fairly limited comparing to the competitors, but it is not an issue. Unlike Audio GD and a top Denafrips DAC there is no I2S input. It becomes a mandatory feature for the best SQ.
There is still the same weakness: a mandatory DSP processing. Signal is pre-processed, oversampled and oversampling rate is a matter of internal affairs. There are mandatory filters to chose from, it is the only things user have control. There is no pure NOS mode, sans DSP. Ares II has NOS, but it is still subject to DSP filtering. Audio GD R1/ R28 has a pure NOS mode.
D/A conversion is a common opamp based convenient solution. Denafrips chose a passive I/V conversion in order to avoid SQ loses in opamps, Audio GD pass the output current through a dedicated internal ACSS link and a non-feedback discrete class A amplifier. When using a companion amplifier with ACSS input, a final I/V conversion is made at the receiving device. This is very advanced solution.
Volume control is a silicon based stepped actuator, this is cheap. I would prefer analog pot instead. For comparison Ares II has no HPA, but is much cheaper. In the same price range Audio GD R28 comes with Class A pre-amp and a discrete relay-based stepped actuator.
Headphone apmplifier looks like made of discrete components and has a nice bleeding option.