I'll go ahead and reply.

In reply to:

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Since the Digital out mod is branded as a `digital sound card', I'm also a little (not too much) worried that there's some additional conversion going on here... Any information on this?

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Well yes there is conversion. The quad I2S clock and data signals are "converted" to a multiplexed S/PDIF bitstream containing both timing and digital audio information. Later versions, if only for our own internal use, may contain asynchronous sample rate conversion as well.

Stu