Hmm. What about the DSP? Doesn't that fall after the DACs in the signal chain?

(For Doug's benefit, in case he didn't know this: The Digital Signal Processor is responsible for the tone, EQ, and loudness controls. It's this very thing that allows the EQ to be so flexible.)

As I understand it, some consumer devices use a similar (perhaps even the same) DSP to shape the sound. Perhaps that's germane to this discussion? Maybe products which don't use DSPs have some sort of analog circuitry in the output stage which makes the music sound less strident?

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Tony Fabris