It features a large RAM buffer, uses no PLL clocks and should be largely immune from the effects of source jitter if it works as advertised.
http://www.naim-audio.com/products/dac.htmlQuote:
It overcomes the jitter issues of S/PDIF by reading the data into a “rotating” data RAM buffer independently of its timing signal and reading it out again clocked by one of ten extremely low noise, fixed frequency crystal sine-wave oscillators. In terms of system topology, the DAC’s rotating memory is analogous to a rotating CD feeding raw data to be re-clocked. The rate at which the memory fills and empties is controlled by the DAC automatically selecting the oscillator that matches the average incoming clock frequency. The data entering the downstream digital filtering and DAC chips is then completely isolated from the incoming S/PDIF jitter.
Looks very impressive.