NuWave in the house, sounding pretty nice IMO. Not as purely neutral as the NAD M51 on first listen, but a nice mix of hi-fi goodies with musicality. I have owned a Cullen-mod'd DL3, this retains some of that house sound: big sounding, very slightly warm, but good details. Yet it seems to take it a step further, with some pinpoint imaging and more detail. I haven't heard the PWD Mk II, but had a brief listen to the PWD Mk I; and I think this sounds closer to that than to the DL3.
Only a few hours so far, but very pleased.
Only sour note: there is a problem when I have both balanced and SE connections plugged in. I set up SE to my Rega Brio-R amp, and balanced to my Spritzer-mod'd SRM-Xh. Even with the Stax amp off, the SE outputs are dimmed down to the point where one channel would barely play. I had to unplug the XLR's from the DAC, and all is well and great. Going to read the manual, and maybe ping PS Audio on that....would have liked to have both operative at once, but it's not the end of the world.
In any case, with the trade-in (I traded a DAC that cost me all of $89 shipped, for a $300 credit) and cost of $695, I think this is a very good DAC. In the long run, I still will probably be happier with the M51.. But this is just real good stuff.
Won't have a ton of time to listen over the next few, but hope to have a few more thoughts at the end of the weekend.