Interesting. The discussion of PS Audio is quite interesting.
"Nagra's first production run was readying. We'd settled into our new digs above Chardonne, with Matthieu Latour visiting to "sign off". The time had come to reenter the assignment. This (not exactly but close enough) also coincided with PS Audio's announcement for their new DirectStream DAC. That arrived as a salacious press release claiming a truly revolutionary breakthrough which finally fixed what had been wrong with PCM all along. "The problem is the PCM decoding process itself. Whether a classic ladder DAC or more modern multi-bit Sigma-Delta type, PCM processors universally mask some of the subtle cues in music. No amount of upgrading, expenditure, tweaking or improvement can fix this fundamentally flawed system. In order to extract everything hidden in PCM recordings, a completely new processing method is needed. DirectStream converts all digital inputs including PCM to pure 1-bit DSD in an elegantly simple path. In the process the PCM feed becomes more linear and less edgy. Never-before-heard musical details are released from all digital audio recordings. Billions of CDs and high-resolution downloads worldwide will gain new life, be saved from obsolescence and recycling bins or landfills." Apparently PS Audio hadn't gotten the memo. Meitner and Playback Designs had done exactly this for many years already if without such boisterous claims. Marketing speak aside...."