The loaner unit arrived last week, and I hooked it up immediately. I used my Sony DVP-9000ES as CD transport via coaxial, my TV via toslink, and Qobuz by way of the CA 851N and AES. Hmmmmm not good, not good at all. I let it warm up and tried again the next day... I better let it warm up some more. On the bright side the remote is very sturdy and can control the volume on my 851N. Other gear used: Pioneer M-22/ M-25/ Crown CDi-1000, JBL 4312G/Fostex BLH with Viawave tweeters, Shortest Way 51+ and Sennheiser HD600 I tried it again today and I'm still not impressed. The music seems like its engulfed in the morning marine layer, but it doesn't burn off. Imaging that was pinpoint with the 851N acting as the DAC are indistinct and vague with the Morpheus. I struggled to pick up the different layers in the mix with the Morpheus, but there was space and room for the same track to breathe with clarity on the 851N. The attack was somewhat slow and polite, but still quicker than low and mid range AKM DAC's. I will say the dense tone of the mid range was quite nice, and edged out the 851N. Unfortunately that would be the only area I would consider superior to the 851N, and not by much. The lack of imaging, layering, and overall clarity really bothered me. It felt suffocating, and in comparison to other DS DAC's, the 851N is not bright, doesn't have an artificially fat low end, or is super/ultra/hyper dynamic by any stretch of the imagination. The AD1955 chip may not be perfect, but does quite a bit right, especially for the money. I tried the Morpheus as a pre and fixed, and it didn't make a much of a difference if any during my listening endeavor. If this is what NOS sounds like, I'm not interested. Who knows maybe it needs a month to warm up to show what it can do. I appreciate getting the chance to listen and share my impressions, and will be dropping off the unit to @ChaChaRealSmooth tomorrow.