I don't see any thread for the UD-507 but it's been mentioned a few times here, so I'll post my impressions in this thread. I received the 507 this past weekend and I've been listening to it as well as doing comparisons vs the other DACs in my collection: the Ferrum Erco Gen 2 and the FiiO K9 Pro AKM.
On the physical and useability aspects of the 507, I like its design, even the handles (which the manual states are decorative and should not be used to lift the unit). The volume knob is very nice to use. It's smooth, not stepped, even though the volume control is digitized to operate in 0.5 dB steps. The feel is smooth but there's some amount of pleasant resistance so that there's more precision to the turn and it doesn't rubberband when you stop turning it. Think of cutting butter that's been refrigerated but has been out of the fridge for like 10 minutes. Not hard to cut, but it still offers some amount of smooth resistance. The display can show volume both in a 0-100 scale or in dBFS, both of which are nice for remembering what level you usually listen at vs an analog potentiometer. Channel balance adjustment is available too, though I have not used it.
I like the front-mounted USB-C port and I've been using it for connecting my Walkman. Connecting the Erco to the Walkman was always awkward because I had to pass the USB cable under or around the side of the unit. Funnily, the Walkman sees the 507 as "MODEL_NAME", so maybe something isn't set right in the USB firmware. However, on Windows it's detected as a TEAC USB Device, so maybe it's something odd with how the Walkman handles things. The remote is also handy and simple to use.
The 507 also comes with a proper paper manual! No dinky cardboard quick-start guide or QR Code. It's a full manual (for English, French, and Spanish) in a paper booklet in something like A4 paper size.
Sound comparisons are done with default settings on all devices: No Upconversion, DSD conversion, or Active Ground headphone connections on the TEAC and all sound settings at their defaults. On the K9 Pro, the Fast Linear-phase filter was used. The Erco vs UD-507 comparison was done with the X9000 driven by a CCS-modded Stax SRM-006tS. The K9 Pro vs 507 comparison was done with the Sony MDR-Z1R through the 4.4mm connections on both devices.
UD-507 vs Erco Gen 2:
In general, the 507 has more note body, less note impact, slightly "looser" treble, smoother sibilants, and larger spatial images for each instrument which can result in a sense of reduced frontal depth to the soundstage. The Erco Gen 2 has smaller images for each sound which results in more spaciousness, more impact to notes with less sustain/body, and a more "focused" treble. A whole bunch of things are tied to the treble differences. The Erco "focuses" treble like the treble energy of each note is more concentrated in time vs on the 507 which spreads that energy out over a slightly longer period of time. This gives the Erco sharper and punchier transients and contributes to a sense of greater clarity and "cleaner" treble, but it also contributes to more sharpness on sibilants and a drier or raspier sound to vocals where the throat/breath sounds are more prominent. The 507's treble is a bit hazier in comparison, but it also has a nice airy character. It reminds me of the difference in treble between the SR-X9000 and the Shangri-La Jr, actually, and I love both headphones.
One example of the treble difference would be during the drop of "Love Is A Highway" by Nurko and Neriah. It's an EDM track with vocals and some acoustic instruments, and during the drop starting at 1:39, there's an electronic drum that comes in after each kick drum note that goes "Tok!" on the Erco. On the 507, that drum sounds more like "Tchok!" The leading edge is slightly smoothed out and doesn't have as sharp of an impact but also has more sustain. Another example in the same song is at 0:39 when she sings "guess my love is a highway" and the H in highway sounds harder (like in the linguistics sense) on the Erco vs the 507 where the sounds of the air moving through the throat are more pronounced for a moment.
The combination of more precise imaging, sharper/focused treble, and more impact makes the Erco sound more spacious, cleaner, and more dynamic. Sort of "technical" sound focused on detail and holography. But the sibilance and sharpness are also noticeable and can sometimes distract from the music. The 507 is smoother, has more body and "thump" for bass notes, and presents a more integrated sense of soundstage where notes are larger and more diffuse. For the X9000 in particular, I like the 507's more cohesive soundstage as I find that the X9000 can offer a bit too much spatial separation between notes. The Erco leans into that separation aspect while the 507 dials it down.
UD-507 vs K9 Pro AKM:
The TEAC and the FiiO are actually closer to each other than either of the two are to the Erco. Both have the slightly smoother approach to transients vs the clean, focused, punchy sound of the Erco. However, this is also where the 507 represents a clear upgrade vs the K9 Pro. I'd say that the midranges and imaging/staging of the two are nearly identical. However, the K9 is noticeably sharper and more sibilant compared to the 507 and there is noticeably less bass in general. Less bass impact and less bass body, so switching from the 507 to the K9 makes it seem like the sound became thinner and harsher. I don't want to overstate the differences; everything that you can hear on the TEAC can also be heard on the FiiO, but not with the same balance. Sibilant notes stand out a bit more on the K9 and can be more distracting, while I have to focus harder to fully hear all of the bass notes while on the 507 they stand out more in the sound and are easier to follow. Thus for bass, the TEAC sounds a bit more textured than the K9 Pro.
Of course, keep in mind that the UD-507 is literally 3x the price of the K9 Pro AKM. While the 507 is noticeably smoother and richer than the K9, it's not a huge difference in the grand scheme of things. The 507 is more feature-complete and flexible, easier to use, and better-built though in addition to sounding better, so I think it's still worth it even outside of pure sound quality.
I'll also note that for several generations TEAC used AKM chipsets for their devices. The 507's direct predecessor (505-X) used ESS chips, but that was due to the AKM chip shortage from the factory fire. It would seem that TEAC's own DAC would be designed to have the sort of sound that they aimed for when using AKM chips.
Features:
There are so many features on the 507 that it's time-consuming to compare them all. The upconversion settings for PCM seem to slightly smoothen the sound which is nice for tracks that are kind of spicy in the upper treble. DSD seems to be the biggest DAC-level change. It makes each sound image slightly larger, softens the upper treble (in addition to what upconversion does), and adds a bit more body to each note vs the default multi-bit mode. Once in DSD mode, there are 4 different filter options. No filter and FIR 1 seem to image things closer while FIR 2 (the default) and FIR 3 give me a bit more forward depth. I haven't determined more nuanced differences yet. There are also 3 settings for the rate at which the DAC runs, with the default at 512x Fs (the base rate of 44.1KHz or 48KHz) and lower options of 256x and 128x. I got the sense that the lower options make the upper treble a bit grainier, so I kept it at 512x, but the changes were so small that I'm not confident if they were even there.
For headphone listening, I really like the Active Ground option. It's available on the balanced connectors and it sacrifices the increased voltage swing of differential drive for an alternate circuit that turns the negative pins of the balanced connector into separate ground pins for each channel that are actively driven to ground. It supposed to counteract both power supply noise and any momentary voltage drift of the ground during transients. I find that it makes the sound more dynamic and punchier vs the default Balanced option. It helps make up the difference in impact between the 507 and the Erco. Nicely, the volume level doesn't change when switching between them as long as you're not at volume levels above what Active Ground support.
All in all, I'm quite pleased with the UD-507. It's the perfect fit for my living room setup with its smoother and richer sound, convenient connectivity, good looks, pleasant user experience, and plentiful tweaking options.