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Even though the PCM1704 PDF declares the PCM1704 supports up to 96KHz / 24bit, highest word clock input is 768KHz.
In fact the PCM1704UK can support 192KHz / 24bit at 8X oversampling , the word clock input is 1.536MHz , as high as ESS9018.

Reference-5.32 USB applied USB-32
Dedicated Discrete Fully Balanced DAC

DSP-1 Processor
Built in 4 Pieces  PCM1704UK Supports up to 192KHz
32bit / 384K Asynchronous Transfer  USB-32 Chip

Price:  USD909    (Excluding shipping)
(Default install is DIR9001 for SPDIF input, supporting up to 24bit / 96KHz, if customer wants support up to 192KHz, request WM8805 at time of order (no extra charge). USB input always supports up to 32 bit / 192KHz

     

            
Summarize Use Manual Specs Technology Detail Custom Option Shipping Cost


Click to read the USB-32 character                              USB-32 Introduce

Fully balanced design built by discrete analog stages without any OPA or coupling caps in the signal channels.
Non- feedback ACSS analog output stage.
Uses  R-core transformer.
More than 20,000uf audio grade NOVER capacitors are used to ensure ample and smooth power delivery.
A total of 4 groups class A PSU and 4 groups linear PSU  are used to purify the power supply. To achieve a high S/N, the control circuit is powered with separate regulators.
Uses high grade parts and exactly matched transistors.

5 digital inputs:
  coaxial *2 / Optical *2 / USB
Preamp / DAC output :
  XLR / RCA / ACSS
USB Audio Class 2 High-speed Input from Windows / MAC / Linux 
Supports High / full speed Asynchronous Transfer Mode up to 384K / 32Bit ability .
Resolutions support 16 / 24 / 32 Bit with sampling rate support 44.1kHz, 48kHz, 88.2kHz, 96kHz, 176.4kHz, 192kHz ( USB  )
      
Supports up to 24 Bit/192KHz ( SPDIF  )
The DSP-1(V5) digital processor supports NOS, 2X, 4X and 8X oversampling via customers setting.
 

Differences between NFB-17.2 and Reference 5.32:
     TI is about to discontinue the PCM1704 chip but there are still a lot of fans that love the realistic sound of the PCM1704UK.
     The Reference 5.32 has 4 PCM1704UK chips- the cost is USD48 (each) from TI and USD70 from the open market, causing the higher price over the NFB-17.2, and we can't confirm when they will discontinue them.
     The NFB-17.2 sound:  "Neutral but smooth sounding, it doesn't sound skeletal or digital (or metallic). There's meat aplenty on them bones . It's a sigma-delta DAC chip implementation without the dryness, neutrality without the emotional disconnection" - John Darko
     The Reference 5.32 is dead neutral and monitor-like.

Feedback :
http://ravenda.wordpress.com/2010/06/20/audiogd-reference5/
http://www.head-fi.org/forum/thread/482452/audio-gd-reference-5-coming-soon

http://www.digitalaudioreview.net/2011/04/audio-gd-reference-71-dac-8-x-pcm1704uk/
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Feedback from users (Since 1st June, 2012):

Martin from Canada:
            I received the 5.2 in the mail yesterday. Loaded the drivers on my EeePc. J. River does not like ASIO output mode on the EeePC but WASAPI - Event style works fine.
            With the default jumper settings (8 x oversampling etc) the smooth and full sound is combined with exceptional detail. A difficult combination. Wow! What can I say, so this is what a world class DAC sounds like. Man have I been missing out!
            FLAC > EeePC > Audio-gd Reference 5.2 > Yamaha C-2x > Yamaha M-2 > Soliloquy 6.5

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Arek from Canada:
            I received my DAC today which was packaged very well and came with all the necessary accessories to get it up and running. It is currently connected to my ROC SA via balanced cables and being fed a optical signal. I am LOVING the sound this fine piece of audio equipment is producing. The sound is beautifully balanced. I am smitten!
You have built a wonderful device and I am very fortunate to have had an opportunity to purchase one.

             Aside from the sound quality, the RE5.2 is VERY WELL built and its temperature is slightly warm to the touch after being used for over 4h. Very impressive. USB drivers were VERY EASY to install and worked without issue under Windows 7 x64.

             This was my first DAC purchase and I am glad its an Audio-gd.

9th July ,  Aj from Australia:
            The DAC5.2 is sounding fantastic, fed by Squeezebox touch via an Empirical Audio Synchromesh (SPDIF re-clocker), into Plinius CD-Lad preamp via balanced and power by Plinius 8200P or Hypex Ncore amps into Lenehan ML1+ standmount speakers (2-way).

            The sound is crystal clear and coherent, very easy to listen to, very happy with my first AudioGD dac after hearing so much about them. It gives my vinyl setup a run for the money, I spend equal times now listening to either. My other DAC¡¦s past and current are: NAD M51, Teddy Pardo Teddydac, Bel Canto Dac3, Citypulse 2.03E (first DAC).

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26th July ,  Fernando from Brazil:
            This Ref5 is a very, very, very... good dac INDEED!
            After some hours playing some music, this little piece of music fun becomes really good! I'm very happy with it's sound quality!
            My audiophile friends here in Brazil  like it very much!
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30th Aug. ,  Leon from Neutherlands:
            My dac arrived yesterday. Neatly packed, in perfect condition.

            While I have so far only tried the usb connection, and then only for a couple of hours, I'm blown away by its performance. Installing the drivers on my macbook pro was done in a heartbeat, and the dac connected immediately to audirvana plus. It beats my classé delta series CD-player in almost every aspect in my system (Krell krc-hr --> Mark Levinson No. 332--> Dynaudio Confidence C2). It sounds very lush, timbre is excellent. Especially with higher sample rates, it comes very close to the good aspects of my analog rig, while keeping the advantages of digital audio. I'm very happy with it!

           Thank you for the excellent gear, good communication and fast delivery.
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9th Nov. ,  Leonel Silva Rocha, Portugal :
            The Reference 5.2's performance with the DIR9001 installed is FAR better than with the WM8805, being altogether more Open, Dynamic and Transparent. The difference is so obvious that after removing the WM8805, I didn't even give it a second thought!
   
            With the DIR9001, the Reference 5.2 is truly a reference quality DAC, comparable, if not superior, to my "Vintage" and beloved balanced EAD DSP 9000 Pro MKIII, which would cost in excess of £á7000 New, about 15 years ago! One crucial similarity is the employment of top notch, true Multi-bit Burr-Brown DAC chips. 20 bit in the case of the EAD...

             And of course the 5.2 will decode 96 and 192KHz/24bit and accept PC sources, both of which the EAD cannot. It's an outstanding Audio component and at the asking price it has got absolutely no rivals. I'm very happy with it indeed! Congratulations to Qinghua are in order..."

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