From the PS Audio DAC forum, it DOES sound like Ted Smith is working on a two box unit, one with the digital stuff in it, the other the analog. So, this rumor might actually be true!
PS Audio uber dac
While browsing the PS Audio forums.. talk is.. PS A will be coming out with a $20,000.00 dac in the near future. I think Ted Smith is the design guru. Seems like a lot of scratch for a product from a known ’value for money’ oriented company. Wish them luck...lots of stiff competition in that price range.