32-bit dac

My understanding is the NAD uses the extra bits for volume control, not processing.

Are 32-bit dacs significantly better than 24-bit ones?

My understanding is that -- while any given DAC may sound "better" than another one for a whole host of reasons -- whether it can run 24 v 32 bit is not one of them.

Having 32 bits is critical to properly implement a digital volume control. The PS audio PWD is 32 bit as well.

The $40K top of the line MSB stack is 26 bit (and has an analog volume control), so clearly there is more to SQ than bits.

If 32 bits is good why haven't we seen more of them as well as industry leaders with 64 bit dacs???