I spoke with Jerry. Basically, he always felt that the 20-bit chips from the original Model 34 DAC were the best-sounding ones he ever used, so what I understand he's done has been to make a one-box version of that DAC but with the transformer-coupled output stage. Since I still listen to some 24-bit/96khz discs from Classic Records, I'm ambivalent about updating my already updated Model 34 (I had Jerry replace the 20-bit chips with the 24-bit chips when Classic started coming out with DADs). But if you have a Model 34 with the transformer-coupled output stage mod and not the 24-bit chip upgrade, you essentially have a 34MXL.