Phasecorrect, my sacd/dvd-a has 24/192 DAC but does not say it is a HDCD player. My processor has a HDCD symbol on it. When I play a HDCD output PCM the HDCD indicator on the processor lights up. I also think HDCD's sound better than SACD's on my system because of the analog only output required by the high-resolution manufacturers (although i will admit that some of the dvd-a discs with a 24/192 stereo layer are pretty impressive). I apologize for the rambling response but it appears to me that if you have a HDCD chip somewhere it will decode a PCM stream. I can't till if it works with the players DAC output analog.
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