Hi Rebbi,
I've used the Concero HD and it was in fact the first DAC that allowed me to hear proper bass resolution (my opinion of course) with my Omega speakers. There are still better DACs but the Concero HD makes for a brilliant starting point (and better than most DACs anywhere near its price).
While you can use it as an SPDIF DAC and USB>SPDIF converter, its worth noting that the Sabre chipset's jitter rejections is quite low and as SPDIF introduces more jitter than Asynchronous USB transfer then, well as jaywills said it, "YMMV". I've seen actual signal dropouts due to extreme jitter from the source.
Oh, and a Concero HD needs to powered up continuously to sound good. It can be pretty rough when cold and often takes over a day to warm up!
Cheers,
DJ