I never heard the Fith Element as a Stand Alone DAC. So I don´t know how it sound. I heard a complete Level 5/6 Chain from AN.
Very close to Live Music. You listen only to the music, not to bass not to middle not to highs. I can only tell you that the DAC has the same Quality as the AN TT3 with IO Ltd Cartridge.
This one: http://www.audionote.co.uk/products/analogue/tt-3_01.shtml
http://www.audionote.co.uk/articles/reviews/HFC10_AN.pdf
Thanks...if you ever get a chance to do a shoot-out with other digital, please let us know. Most intrigued!!