Grace M903 Headphone Amplifier and DAC

John Marks has posted a review of the Grace M903 headphone amplifier and DAC ($1895) in his The Fifth Element column at Stereophile. His conclusions:

The Grace Design m903 continues the tradition set by its predecessors by being "a great, high-resolution DAC in a very cost-effective package" that offers remarkable clarity, continuity, and roundness of tone, and is better in almost every way than the m902. Major performance gains with only a $200 increase in price, and still made in good ol' Colorado. Those looking to upgrade their CD player or music server should check out the m903. Highly recommended.

You can read the full review here (scroll down).