Sure does. I haven't even come up with a theory yet. A bit more time maybe - but as yet - zilch. It was a long shot anyway as the DAC has its own transformer.
I finally have a theory. The negative impedance of Hologram at higher frequencies 'sinks' some the grunge that would have made it into the DAC in the form of jitter. A test would be to see if the effect still occurred if the Squeezebox is clocked externally using for example a pacecar. Best I can do at the moment. Strange effect for sure.
Thanks
Bill