Ok, so the jury's in on the LM 502 after quite a lot of listening. This is a modified unit and has the original 6Z4 rectifier swapped out for a NOS GEC 6X4, and the output tubes swapped out to Mullard NOS 12AU7's "superman" version. The mains wiring was replaced with Yamamura multi strand Cu with cotton insulation, the output wire replaced with Bryans "nazi" solid Cu,... whatever that is, and the signal caps replaced with Mundorf Silver/Gold/Oils. Nothing dramatic, just simple touches. I can't really tell you what the sound of the "out of the box" unit is, I heard it briefly on an "alien" system, but on that system, just changing the rectifier tube had a considerable impact.
I can honestly say that the LM502 synergised beautifully with my system and while being fed by my modified CEC transport, it equaled or exceeded the sound my KDac in virtually every discernible listening parameter you can name. I fully understand what a politically incorrect statement this is on a site dedicated to the KDac, and I will be burned at the stake for declaring it, but sometimes you need to put aside your prejudices and just listen "without blinkers".
This Dac in it's modified form, excels in the 2 areas that I deem highest on my priority list. Dynamics and Timbrel Rendering. It's blindingly fast if the music calls for it, and it reproduces micro/macro dynamics with aplomb, it's just so damn engaging. This I think this is the word that came to mind over and over,....engaging. It's sense of pace and rhythm is beguiling, it just draws you in and involves you. Many times while trying to analyze, I would simply be drawn into the performance, and the analyzing would stop. This is a damn good indicator something special is in play.
Engagement is driven by dynamics and pace/rhythm, beauty is portrayed by timbrel rendering, whether vocals, or acoustic instruments, and this is where this DAC really turns it up a few notches. It's portrayal of timbre is superb, not euphoric, not smoothed over or "glassey", just simply stunning.
Another area of particular remark is the 502's spacial reproduction. The recreation of space around performers and the original sound space where the recording took place is just amazing. Transparency is another area of excellence. It's ability to show you right inside the music is just indeed uncanny.
Towards the end of the night, we replaced the Mundorfs with Deulunds, and no surprises there, is became more relaxed, and cleaner/sweeter.
I won't bore you with an extended review, I will simply say if you're near my place, (Geelong), or you have a chance to investigate this DAC somewhere nearby, go and listen carefully for yourself. Remember,..this was a modified 502, I cannot speak for the standard offering, but these mod's are easy to perform.
So, will I put my money where my mouth is? You better believe it! I'll buy one in these units in the coming weeks and perform the same mod's Bryan has, then see if there are other areas of performance gain.
Now, let the Witch Hunt begin!!