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So, the question is, why does such a vintage unit still sound so good? Is it the NOS approach?
I am no engineer, so I cannot claim to explain what it is about NOS DACs that makes them sound so good. I own a Metrum Octave Mk II. It is the most satisfying DAC I have heard to date. It is the least digital sounding converter I've yet to hear. It has plenty of resolution, great timing, pace, and does a surprising job in bringing a palpable presence to the music I play. I have a good vinyl setup which does a better job with decaying sounds and gives an even more palpable realism to the music, but my Octave is no slouch in comparison. I used to listen to my Sabre based DAC mostly as background music, but I listen to my Octave with as much focus and enjoyment as I do with my turntable.
Nah, I've heard plenty of TDA 1543 based DAC's (single, stacked, etc) that are not so great. The Cosine was a premium DAC costing like $3500 (10 year ago money) utilizing simple I/V stage with tube output, Magnequest transformers for choke, output, etc. These are probably the reason it sounds so good to you frankly. I wish more manufacturers would take this kind of approach with SOTA chipsets like Sabre instead of sticking a bunch of op-amps after the DAC chip.
Most DAC's sound terrible without good power. Battery operations make them very smooth, but don't have the sparkle some like, found with AC. The cheaper the DAC the cheaper the power supply delivery to the actual chip. Then output capacitors are important too. There's almost nothing between the chip itself and your other equipment. Depending on the unit it isn't often more than two capacitors, some tracings, and your IC's. Which means all the stuff before the chip defines the difference between the $20 1543 and the $3500+ 1543. It's a fair amount of parts, doing different things. It's amazing how many different variations there happens to be. I'm still a huge fan, and wish I could get one of Peter Daniels in the ultimate formation, USB input. Maybe one day I'll just build it by hand. It's ok though, I just listen to vinyl...