Malcolm Steward has posted a review of the Audio Research Reference DAC ($15,995) at Hi-Fi Choice. His conclusions:
“Ultimately the DAC emerges as a magnificent component in terms of its performance and great value in terms of what it offers for your money. Its musical performance is little short of sublime and as a product it is not just a single unit: it is, and I will try not to miss a single category; a multiple input DAC, a network streamer, an internet radio, a memory stick player, a pre-amplifier and an iPod dock.
Finally, it is worth noting that the Reference DAC’s display panel, provides me with all the functionality I need and its operation is, to me at least, entirely intuitive. All round then, the Aud io Research Reference DAC is an absolute winner, no matter which angle you approach it from.”
You can read the full review here.