I've been also interested on this comparison for sometime: WM1Z (as digital source / transport) -> Hugo 2 -> Headphones vs WM1Z -> Headphones.
First question would be if it is possible to identify each setup in a sort of blind test.
The second question would be how those setups compare in terms on tonal balance, treble, mid-range, bass, soundstagging, imaging, dynamics, detail (including micro-detail) and musicality in general
Well, in the first scenario the Sony wouldn't be doing much other than being pretty. It only feeds data to the Hugo 2, so quality of cable is more important than the the source.
Second scenario is a comparison between wm1z and the Hugo 2, there should be some around.