Crimson, there are a couple of good threads on Audiogon about the PWD, in both Mk I and Mk II form. I have one after years of using a highly tweaked EAD DSP7000 Mk.III. I've also heard a number of other DACs in the $1K to $5K range in my and other systems. The PWD sounds great (which is the biggest reason I chose it) and also provides a streaming capability over Ethernet (with the optional Bridge), which put it over the top for me.
Also positively reviewed by Cordesman in the Spetember TAS issue.