First of all, the product under discussion is not a DAC (the P-3), but a unit that was marketed as a "room correction, speaker correction, upsampling DSP engine", the P-1. It wasn't marketed as an upsampler which "may have other capabilites at some future time", but as a room correction, speaker correction unit in line with the TACT unit at a much lower price point.
Here's the hype from the 2000 Vegas audio show (yes, 2000):
"the Perpetual Technologies P1-A room-correction system, which costs $950..."
Only problem is, they have never released the software, and thus the unit is really just an overpriced upsampler. Check the Perpetual Technologies web page for all the marketing hype...Oh, wait, there is no longer a web page...
You don't need a Harvard MBA to understand that you don't release a product into the market as a room correction system until you HAVE THE SOFTWARE READY FOR ROOM CORRECTION!
Where would Apple be today if 5 years ago they started selling the Ipod for $400 as a digital music player that could for now only store addresses, saying, "hey, it can hold 20,000 tunes, store pictures, and it's an external hard drive, and oh, one other thing, we don't have all the bugs worked out yet, but the software is on the way real soon!" ??? Do you think people would say, "yeah, it's been 5 years and they haven't come through with the goods yet, but hey, it's really good at storing addresses!" ?
Whatever the holdup, if Mr. Schifter was indeed "damn genious (sic) and a true and utter gentleman" he would have apologized, recalled these units, and/or offered a refund a loooong time ago...Enuff said...