A DAC that crushes price vs. performance ratio

Regarding Teajay's credibility as a reviewer, I can add a data point based on actual recent experience.  I very recently purchased a Pass XA25 amplifier (from Mark at Reno Hi-Fi, who of course was completely wonderful to deal with), motivated in part by the glowing reviews and comments it has received from Terry and many others, and in part by the fact that my VAC Renaissance 70/70 amplifier developed a problem and is back at the factory for repair.  Although I've had the XA25 for just a bit more than a week I can say that in my system, at least, the detailed characterization of its sonics Terry provided in his review were absolutely spot on in every respect.  And in fact were more focused, meaningful, and accurate, IMO, than the comments in the comparably glowing review Herb Reichert provided in Stereophile.

Thanks for your excellent review, Terry; I expect to enjoy this amplifier for many years!

Regards,
-- Al 

Thanks Charles and Al. I have always felt that I have to trust people at some point without rock solid confirmation. I believe that he is telling the truth, and I intend to buy the Lab 12 as soon as I sell my Audio Note Kits 2.1 which I have loved for several years now, and  a couple of other things. 
I don't know how long that will take, but I will be sure to give my impressions Charles if/when it all works out.  

Hello Al,
I’m not surprised that you find the Pass XA 25 a very good match with your efficient and easily driven Daedalus Ulysses speakers. Is the Passgoing to replace the iconic VAC Renaissance 70/70 or will you retain both? Pure class A minimalist circuits (tube or transistor) consistently produce a natural high quality sound.
Charles

I respect all those who offer their genuine opinion of their listening impressions of audio equipment, regardless of the circumstances whereby they audition the gear.

Audio reviewers should clearly state their conflicts of interests, including a statement of the price paid for any reviewed samples.

Hey Celander,

The way you shared your opinion, "should clearly state their conflict of interests" is setting up a false/invalid assumption.  I have no "conflict of interests, I'm not censored by the man I write for, I do not have to protect any companies, and there is no alternative motive (s), just sharing my opinions about gear I listen to/review to readers here.

Yes, reviewers to get a "industrial accommodation" regarding price if we purchase the review demo.  If it's a small boutique company that has a very small profit ratio the discount is much less then a much larger well known/established company.  The pricing follows just about what an importer or retailer would pay for a piece of gear.  However, I don't agree that anyone, including a reviewer, "should/must" disclose what they payed for what they purchased.