Hi Peter,
Thank you for your post; good question.
Yes, in a word!
At this stage we plan on three pcbs. All will be linked with ribbon cable and IDC, digital plugs. There will be no speed issues with the cabling; signal will be ground planed. So you can buy EL, Stage II, or Stage III either sequentially or at first purchase, no problem. Cost will be commensurate with complexity; EL will be $US450. This gets you the world's premium DAC chips (2 x PCM1702), the best digital filter (Nippon Precision 5343A), ATMEL pre-programmed routing controller (written in assembler), and a SOTA folded cascode current to voltage converter with Fred Dieckmann's superb Sallen Key analog filter for the 330-352KHz digital artefacts. Of itself, this will be one of the best DACs around.
Stage II gets you this with selectable dither/mute/filter slope and digital phase invert. Another board, obviously. And Stage III has the above with the addition of FIFO bit buffering and ultra high precision reclocking, with tracking of the transport and unique clock rate correction, again, driven by another ATMEL chip with additional programming built in. This will be, hopefully, completely transport independent, so it should be usable with a CDC carousel CD player of the lowest imaginable quality, without detriment to the audiophile experience.
I must stress this is no holds barred, so it's expensive. Top of the Line Stage III will be $US900. As a result, and to achieve lower end sales, it's being offered in stages, all interlocking, all designed as a unit, and all available separately. It seems like the sensible, logical thing to do. Even EL should be a revelation in most people's systems, but Stage III should be transcendental!
Cheers,
Hugh