I've been a lurker to date and have had my SongTowers for a couple months now. I use a Squeezebox -> Monarchy Upsampler (96.0Khz) -> Monarchy NM24 DAC/Pre and have been very happy with the Monarchy products. I was able to replace a separate preamp from my system when I purchased the NM24, but it works fine even for my HT bypass (I found that by setting the volume at exactly 12 noon on the NM24, there are no gain issues to the volume and my HT receiver can runs things from there. I'm new to the high end audio scene, but I love the detail and musicality I get from the setup above vs. running the Squeezebox out of its analog as I was doing before. It just sounds more musical to me (and even my wife has mentioned it, so that's a good thing).
Hope that helps.
Jason