the best PCM (redbook to 192/24) I've heard so far is the Trinity dac in my system fed by the 24 terabyte NAS -> CAPSv4 Pipeline with Lampizator Komputer mods + Teradak and Uptone LPS -> Totaldac USB cable with Regen. the Trinity sit on a Herzan TS-150 active isolation shelf.
astonishing sound from PCM. forget any 'PCM' ness you might imagine. it fits in with my analog vinyl and tape.
the best dsd up to Quad dsd I'd say is a tie between the Merging Technologies NADAC at RMAF and David Robinson's room, and the Lampizator Golden Gate with Elrog ER300b's in my room fed by the same CPU as above (excepting no Regen). the GG sits on Wave Kinetics A10 U8 decoupling footers.
I suspect if I had the NADAC in my room I would 'prefer' the GG/Elrog but they have different presentations so hard to choose short of having them side by side. I did hear the GG in David Robinson's room but it was not optimized for various reasons.
cool thread idea, btw.
I need you to try Jriver upconversion to DSD256 feeding BHE and also just plain upconversion and playback using HQP to see what you like best. You will be able to compare against full out R2R playback from your master tapes.
The upcoming high-end bespoke Sound Galleries Server (maxxed out clocks and purpose designed/optimized power supplies) will be a treat to try, if its as good as my pals tell me.