@nenon is spot on. However, I will confess to trying DAVE direct to a variety of large speakers (including my (former) beloved B&W 802d3's). Going direct I think reveals a different layer of music than I've heard before. Even with these less efficient speakers, I could a hear a hint of that magic.
All that being said, having heard direct to a bunch of speakers with a bunch of different types of amps in the mix, I'd say the transparency win is first from eliminating the cross overs in the speakers (and going to a point source transducer), then from eliminating the amp. Different amps (and amp topologies) suck less transparency away (generally speaking, the few components in the path or the faster the amp, the better), but it is always giving something away on transparency and imaging when I test them with the Voxativs or Omega Super Alnico Monitors.
That being said, there is always a gain on impact and fullness, and at least with the Omegas, control on the low end (the Omegas in particular really benefit from a constant current amp topology like the First Watt F1J...I suspect some impedance roller coaster for the Omega transducer at the lower frequencies).
I'm full on addicted to that transparency of going direct, so I've had to tweak in other ways. The Voxativ transducers were a definite step up from the Omegas (to say the least), with a lot more speed and control. However, even with DAVE straight to the Voxativs it was sometimes lacking vs my B&W 802d3s (so frustrating!). When I replaced the internal SMPS in the DAVE with a custom Sean Jacobs DC3 supply, it was a revelation and I never went back to the B&Ws. The internal SMPS on DAVE was the final bottleneck to overcome, and I suspect the +-15V rails on the Sean Jacobs supply are what took speed and dynamics to a completely next level.
With Extreme, my spider sense is that the incredible speed and dynamics of Extreme may be pointing to a new bottleneck with my Vox 4D transducers, or perhaps even the Sean Jacobs supply. Alas, only way (right now) for me to test that hypothesis is loaner Vox 4phi drivers, or a loaner Sean Jacobs DC4 supply, and I suspect I may be waiting for a very long time for either to grace my doorstep
As an addendum, with the Hugo TT2, Chord now has a DAC with 18W output. My hope (dream?) was that the extra power would shine through and let me get past the DAVE. Alas, it took all of 10 seconds listening to know that DAVE was staying put. DAVE has a remarkable sense of depth and timing that the Hugo TT2 can't approach, even though TT2 has much large power output to draw from. If/when Rob gets around to a DAVE2, I'll be the first in line to preorder, but until then, it is still on a (Daiza) pedestal in my home.
