Much blacker background, on the level of the the JFET active stage of the Freya. Not quite as inky as the Holo Spring DAC 3, but close enough. With this, increased articulation and bass textures. I think those people who felt the Yggdrasil had a bit of haze or grey background would be extremely happy. The balanced outs do better than SE outs. I actually prefer the SE coupled with decent balanced to SE transformers (Cinemag) than the SE out - sounds cleaner and clearer. Don't expect a Metrum sound. The Yggdrasil still has its bold incisiveness, so those wanting a more relaxed and easygoing sound should go elsewhere. This isn't a $1000 Rega table type of sound. However, there are denser tone colors, timbre, body, along with more fluidity and smoothness. Sort of how some R2R DACS like Master 7 or SFD2 have it. Not quite to the exaggerated extent of those DACs, but say two-thirds there. Even more microdetail and better sense of microdynamics. More localized depth around instruments, less cutout like, a la NOS. Not quite to that extent, but say 50% there. Slightly larger soundstage, but with stronger center soundstage and imaging precision. Maybe the best part: a hint of sweetness. The Holo Spring 3 has a similar kind of sweetness in the upper registers. The Yggdrasil Analog 2 has sweetness in the mids. More slam, a la Theta Gen V.

Oh gawd. This has been the hardest secret to keep. This is the DAC that brought me from exclusively vinyl back to digital. Vinyl is still better, but Yggdrasil Analog 2 is close enough that my second system is exclusively digital. LOL, I actually told Jason I was going to call it the Analog DAC. I see that he's inserted the "Analog" moniker. Hopefully MSB doesn't get too upset.As usual, I'm going to be brief, and also because since I've been able to live with it for a while so the newness has worn off.That is all.P.S. It's my understanding that it wasn't just the output stage.