Well of course you'd expect me to respond! :^) The original Model 34 is probably a little warmer (dependent to some extent on the tubes in it), a little less transparent and a little weaker in the bass than more recent DACs, but I don't think that it's that far behind the latest and greatest (and, of course, Jerry Ozment can update it for you into a DAC that in my view is in the upper tier of today's DACs). Quite frankly, other than the hi-rez formats, I don't think that there's been that much improvement in the past few years in digital components as you'd be led to believe; most of the improvements in redbook digital have been in the better power supplies and analog stages, and the Audio Logic was ahead of the pack in that regard when it first came out.
