"Satisfying as good analog" were my words. Since digital came out I have never found it satisfying like good analog. Something has always been wrong with it. It just doesn't caress me the same way. I think what makes analog so good (besides the almost infinitely higher sampling rate if you will) is the timing. Timing that properly defines pitch, timbre, dynamics and perhaps palatability.
FIR FILTERS:
Are digital filters, making use of the time domain to create a frequency domain response. The basic thing is, that FIR filters introduce PRE-RINGING and POST ringing Like this:

This is how the square wave looks without the fir filter:

The idea here is that without the transients smeared around in time, the focus and basically everything will improve. Vinyl playback does not employ fir filters.
The other thing is the oversampling. There are other ways to improve the bit rate and reduce errors. Vinyl playback does not have oversampling.
Lastly jitter. To me this is almost the biggest hang up with digital since it takes a world class transport, cables and re clocking device in the DAC to prevent it from becoming an issue. That's a bit depressing when you buy your first good DAC and find out you have to spend a small fortune on a transport and cables to hear how good the DAC actually is. For ten times less investment you could set up a modest vinyl rig and have superior sound quality.
USB:
If done correctly, both software and hardware, it is possible to get bit for bit transfer with up to 100 times less jitter than you would find in a typical CD player. Therefor the DAC will most certainly have a USB port and the piece of mind that comes with having 100% error free rips of your CD collection on the hard drive never to be scratched again.
Randy, I'm not sure where to put it in your list, but it will be a non-oversampling and non-filtered DAC much like the Zanden was. What it does better than the ZCD player is in a word, more organic. Images are tangible, music has more openness and is a little less forced. Certainly it's a bit smoother too. The DAC I'm hoping to show at the DECFEST this year will be a three stage affair with a tremendous amount of adjustability. It can be made to sound warm enough to make sub par CD's almost listenable, but of course the voicing is being done around great recordings.
I just know that once I heard the oversampling and FIR filter eliminated, that "thing" about digital that irritates me so me much was simply gone. In it's place was almost twice as much content in the high end. Sounding like more dots on the line if you will.
My guess is the Zanden was a bit too thick and trying to sound like analog at any cost. For that kind of money it was probably over done too. I could be wrong, but to make sure the same doesn't happen with this one, I have set it up so that the output can be directly of the DAC chips themselves - the ultimate in transparency. OR, the output can come from the tube stage OR, the output can come from the finals being fed by the tube stage. The finals are solid state and very adjustable. This can be done on the fly while you listen.
It's capable of being highly focused - more so than an oversampling design, and with the extras it can be juicy rich. Without any tone controls, the frequency balance can be leaned out or fattened up, and the dynamics can be brought out in a way that is not possible with virtually every other DAC I've tried. You can quickly find that magic window where the dynamics begin to liberate themselves from the speakers and the weight goes a long way to making sound more like a good LP.
So I'll leave you with that. Right now I'm not interested in writing the papers on it, just getting it turn key for the fest. I don't even know the price, but I have plans for simpler versions to follow it up so that everyone can afford something listenable in front of say a Zen Triode amplifier.
I'll certainly keep track of this tread, and try to post some pictures next month when I attempt a production build.
Steve