It looks like the new PS Audio DAC works just as @bill_k described for the Benchmark, only using the 8 DAC channels within the later generation ESS9038pro DAC chip, 4 for each stereo side. That is basically the same as dozens of other stereo DAC manufacturers using either of these ESS chips. PS Audio marketing people are working overtime.
There are, of course, several stereo DAC manufacturers using 2 ESS9038pro chips, one 8 channel chip for each stereo side.
There seems to be nothing special in the rest of their description of the PS Audio technology. They do say, "discrete hybrid output stage" which sounds to me like an inherent contradiction.