NHL said:
HiFi World have a review in their August edition. The claim is that the DAC basically reduces high treble, which would then explain the pleasant sound.
this statement is both true and untrue at the same time. it's true that Metrum DAC will reduce high treble (I never seen any measurements but since it's a NOS DAC it will have attenuated highest frequencies, read on). but it's untrue that it's the reason for pleasant sound.
with every DAC you get aliasing artefacts - essentially lotsa noise at half of sampling frequency, which in case of Red Book standard falls at around 22K Hz. but this noise has to be removed because it pollutes the original signal. so, with upsampling DACs you get the benefit of digitally filtering out of those unwanted frequencies and maintaining ruler flat freq response all at the same time. however, the drawback is that digital filtering adds ringing to the original signal. depending on the filter type you'll get pre and post ringing or only post ringing.
in case of NOS DACs there's no digital filtering involved so the signal comes out intact. but in order to get rid of aliasing artefacts passive analog filtering is most commonly used (telling frankly, I don't know how it's like with Metrum, but I suspect it's the way I describe). analog filtering is not as efficient as digital filtering, especially when you use shallow filter slopes to keep the filter as simple as possible. so the side effect is that you get slightly attenuated highest frequencies because you can't really set the cut off frequency at 20K Hz. it has to be slightly lower in order for the filter to do its job. but this attenuation should not really be audible as it affects the frequencies where there's little musical energy anyway. for instance; in case of AMR DP-7 DAC in NOS mode freq response starts rolling off quite soon at 3K Hz (obviously very shallow filter was used, possibly only 6dB slope). but at 10K Hz attenuation is only -0.5dB (it should be noted here that what we perceive as high treble resides around 10K - 12K Hz, higher are mainly harmonics), -3dB point resides at around 19K Hz. I bet you couldn't hear 20K Hz tone at normal listening volume levels anyway - up to some 80dB loud. in case of Peachtree iDAC, another NOS DAC, the situation looks very similar. rolling off starts at around 3K Hz. but at 10K Hz you get only -0.3dB attenuation and at 20K Hz only -1dB attenuation.
so all in all, those figures clearly show that it's not rolling off of high frequencies responsible for smoother sound of NOS DACs, because this attenuation, within audio band, is really meaningless with relation to human hearing acuteness. I tend to believe that it's the fact that there's no ringing artefact present in case of NOS DACs responsible for more analog sound of those type of DACs.