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Personally I liked it best between the cd player and the pre, but YMMV as they say. Honestly, in my system I thought it sounded different but neither better nor worse, so I'm not using it. PM me if you want to buy mine by the way. I boxed it up and never bothered to post a for sale ad.
...First of all, I'm getting a MUCH better S/N ratio with it between the DAC and passive pre, Vs the pre and power amp. This may be dependent on my system, for whatever reason....