I've recently come to the view that the best metric of SQ in DACs is noise modulation, however as yet I'm unclear how best to go about making the measurement. Stereophile tried, and here's what they did - Noise, Modulation, & Digital/Analog Conversion | Stereophile.com
Robert Harley reports no correlation with listening so I deduce from this that the test method isn't looking for the right thing. My own gut feel is we need a multitone test waveform rather than a single sinewave as a sinewave has a crest factor quite unlike music and if a sine provoked the condition we'd see it on the 'N' part of a THD+N vs level test.
Having said that, of course we do indeed see something weird going on - on Weiss Medea's implementation of the ESS Sabre. The THD+N plot versus level shows kinks which most certainly are not increased THD at various levels, so can only be noise floor modulation.
Anyone have any ideas?