Hello,
I have the Manley Ref DAC and just love it. The unit is beautifully assembld. So many DACs went through my system until I knew the Manley would be there for quite a long time. It is a very difficult piece to find but in the $3000-3500 range on the used market, I could find nothing else close in performance.
For the price, the solid state Elctrocompaniet ECD1 is next to impossible to beat, but the incredible harmonic richness, presence, 3-dimensionality of the Manley is something special. The VTL Ref DAC is right behind, and in my system had a little more bass extension, but I found the Manley to be more balanced overall. Line the ECD1, the VTL however does not have a volume control.
Concerning the Manley's volume control, I have not yet tried this straight into my Wolcott amps vs driving the BAT 31SE line stage. One of these days I need to try this but tearing the system apart is quite a hassle. The volume control does not have a very fine adjustment so this might not be acceptable for many users anyway.
John