i got curious about tony's comments regarding the 5.4v reg on the mojo board. so, i fired up the qa550 to mojo 2 to lundahl transformer combo and set up an a/b listening test between the mojo 2 and the discrete dac, using the qa 550 as the source. i did test my ph reg and found that it was outputting 4.96v so i figure that's about as close to 5v as it will get i enjoyed the vibrance of the mojo 2, but appreciated more the clarity of the discrete dac. in comparison, the mojo 2 has a little bit of "grain" that the discrete dac doesn't. i adjusted the volume when switching between the two, but even in doing this, it made me wonder if the higher gain on the mojo2 wasn't what was giving it the vibrance that i observed. in my opinion, the discrete dac is still the better performer for its ease, naturalness and clarity.