Its got nice features, but it makes for a better transport than dac imo. I've owned one twice, the first time it was the first dac I ever owned, so it sounded fine as my dac and amp (headphones were plugged straight into it), but as I upgraded to an Emu 0404 USB and then finally the Bel Canto, I realized it wasnt as good as I first thought.
It was only when I bought it a second time recently, that I became aware of the degree of that difference. But the reason I bought it this time is because I was (and am) in between rigs at the office, and just wanted something to get the music to my headphones for practically no money. Plus I figured I could keep it to use as a USB to optical transport that would allow me to look at non-usb dacs. That is the true highlight of the product in my eyes.
As of right now though, my office rig is 10JPNS > Transit. It is tolerable, but it is nowhere near as good as 10JPNS > ipod. The Transit makes the 10JPNS too bright and there is a lot of grit in the high end. Also less bass. I probably wouldnt have noticed had I been using nothing but the transit this whole time, but upgrading sources, I guess I've trained my ears or whatever.