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LarryIf your friends Spring DAC was an earlier model (now on 3rd version) then would account for the Aqua beating it handily. Current version is different and sounds almost identical to May.
Bought a SMSL D400ES a couple months back ~$1100 if memory serves, absolutely stunning dac!!! I'm thinking that you would need to spend substantially more to get slightly better performance, uses the brand new state of the art ESS chip which does everything extremely well. They also make one with AK chips called the EX, pick your flavor, I picked the ES because the specs are better and i'm not disappointed at all.Don