The new Node 2 uses the Texas Instruments PCM5242 DAC chip, which is a small upgrade from the PCM5122. This is the DAC chip as found on the iQAudio DAC Pro board, which sells for $25 chip, board & all. Heck, at $25 it even includes a headphone output.
https://www.sparkfun.com/products/17739
These are considered to be very low-end DAC chips. Equivalent to what one might find in a $75-$150 external DAC.
The analog output stage of the Node 2i and new Node are also of mediocre quality. So when one connects a Node to their system via the RCA analog outputs, you are listening to a low end DAC being played through a low end analog stage. The provided power supply is also a budget solution.
The strength of the Bluesound Node is that it handles 24-bit streaming, provides MQA support, has a very good user interface, is reliable, and is backed by a solid company. It has 24-bit digital output and now has a decent processor.
It is too bad that in this latest upgrade that they still went quite low-end in key areas. Clearly they wanted to stay at the $549 price point.