Hi,
Well I finished the cd enhancer II, for my pd-s 703, and the results are terriffic, gives a good 3d image of music, and is the most listenable player I've had. In fact as far as I can recall this beats my Arcam cd92 hands down, and that's no mean feat, as the cd92 was a very well engineered machine....
I suppose dc blocking caps certainly do change musical presentaion somewhat, that's what I like about this design, as everything complementary, passive components are kept to a minimum. I don't know how good a dac feeding a OT directly would sound, but considering the state of modern recording methods I'd say that tubes in the signal path somewhere do help.
Thanks
Raja