I downloaded PureVinyl and have been quite impressed as well. Perhaps not quite the difference I noticed going from the v1 to the v2, but still pretty darn impressive. It's still one of those upgrades that you need to listen to all of your music all over agian. The software can be a bit quirky, (sometimes stops after playing a song, etc), but seems to do it's job. Not bad for $129.
Drumsgreg, keep us posted if/when you jump to a v2. Also, I'm sure you noticed Wavelength announced a v3 24/96 as well. I'm curious how the v3 compares to the v2 for redbook files...