Hi, I asked T+A about whether or not their DAC 200 is AES48 compliant and they responded:
"The AES48 standard was paid attention to when designing this DAC. There is a small difference, though: the connection between pin1 and enclosure is not direct but via a 100nF cap. This cap has no negative effect on EMI or shielding."
However, their specs state 2.5V SE and 5V Balanced i.e. the typical doubling of output for non compliant balanced output. ("High level (RCA) 0...2,5 Veff / 22 Ohms, balanced (XLR) 0...5,0 Veff / 22 Ohms")
What do you make of their statement? As per your post above it sounds like this DAC is NOT AES48 ...