I have listened extensively to both a Squeezebox and a Transporter
through their analog outputs in my system, which qualifies as high-end
(detailed below.)  Without question the Transporter sounds better than
the SB, in fact it is only a smidgeon less authoritative than my
reference Linn Sondek CD12, which is generally considered one of the
best CD players ever.  The Linn is a bit "blacker" in its background
and a touch more dynamic.  This is only noticable when engaging in very
critical listening. The SB is not in the same league as either one of
them through its anaog outs.  It is soft on both frequency extremes,
there is less sense of air and space and it clearly has a higher noise
floor than the TP or my CD player.  I would think, actually, that the
TP DAC is an upgrade over the one in the Lexicon and you might prefer
it that way versus feeding the Lexicon a digital signal.  I cannot
comment on the digital outs of the two Slim Devices products because I
have not tested that.  For digital out I would not expect a huge
difference and you might close any gap that does exist by upgrading the
power supply on the SB, which is clearly its weak link.  Good luck.

System info: Linn Sondek CD12, Ayre C5xe, Linn LP12, VTL 7.5 Reference
Line Stage, Ayre V1 amplifier, Vandersteen 5A speakers


-- 
rplert
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View this thread: http://forums.slimdevices.com/showthread.php?t=30668

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