You know, I used to think this was true, but no longer do.
I don't doubt that vinyl imparts some coloration (each cartridge is different for example) and was pretty sure that a properly recorded vinyl rip would preserve the colorations... and it might to a degree, but I am now of the opinion that digital is a lossy medium (or perhaps lossier than analog) in some ways. I'm not referring to file compression but the original event (information) vs captured information.
Digital always sounds thinner. Something escapes during the recording process. Example: when brand new re-issues of, say, Decca classical recordings are released, it is pretty easy to tell if the source was digital or the actual analog tapes. The former sounds clean but thin; the latter does not. Obviously some degree of this is mastering but overall it seems pretty consistent.
What I'm hearing on my NADAC is very satisfying from a detail perspective, but doesn't capture all the information that make the event, to my ears, convincing in the same way as analog. This seems to be related more to high midrange frequencies and up (bass, for example, is very convincing), but things like reed instruments (e.g. sax) and brass (whether in jazz or classical) seem like they're missing substance.
Of course I could be wrong. For that reason I really look forward to the results of the test where vinyl is recorded and then played back.
Anyhow, just my $.02
Well all I can say is that I know the NADAC can't be 100% perfect because I know based on my own experiments that the very finest in DSD can only be had by bypassing the multibit DSD section of the DAC chip. This isn't possible with the Sabre chip. Also the new Sabre chip is a better chip, even if used in conjunction with HQplayer, so there's definitely room for improvement. I also know that a better output stage can be built using discrete components rather than IC opamps like the NADAC uses.
But I still say, even with the known compromises, that if you were to listen to a quad DSD vinyl rip made from the analog outputs of your phono stage, that you would be hard pressed to tell them apart. There is absolutely no way this can be known without the proper gear to do it. Folks who do have the proper gear have done this, and they are not amateurs. They are recording engineers who having been making the finest analog recordings in the world for years, and they can't tell them apart.
The NADAC is designed for 100% transparency. So this means when you feed it crap, you will get crap. However when you feed it wonderful sound, you get wonderful sound. Fortunately HQplayer does help quite a bit even with poor recording as opposed to the filters built into the DAC chips, but it's still not a replacement for good recording/mastering at the studio. Also, you are only using the HQplayer filters/modulators when you are listening to PCM. Redbook and lower resolution PCM isn't the holy grail, even with HQplayer. So you can't expect HQplayer to bring PCM to the same levels as natively recorded quad DSD.
Sounds to me that you would prefer a warmer sounding DAC than the NADAC for everyday listening. But the best solution would be to simply rip your vinyl collection to DSD. If you did that, you would be much more satisfied with the DAC. For this you will require the equipment, plus the time to do it. But it's really the only solution if you want it to match your uber high end vinyl setup exactly.
Another thing is, it's only been the last couple years that the best digital ADC's have even been invented. All the digital stuff from the past was recorded by inferior processes. Once it's done, that's it. You can only make it so good, if it wasn't good to begin with. Same with vinyl, if sourced from digital. The vinyl isn't going to make up for bad digital gear at the recording studio.
Anyways we are entering an era, where studio digital gear is getting better and better. Soon even the worst studios will have killer gear. New ADC chips are coming out that will set new performance levels. It's only going to get better from here on in. But, the music you love from the past has already been recorded. And if it was originally recorded to tape, that's good news, because when new direct from master tape DSD releases come out, they will be better than ever. The only other alternative with music you love from the past is ripping the vinyl. But that only makes sense if the vinyl sounds better than the original master tape. For you, this may be the case.