Hi Apmaher.
I do not have the latest version. I have the DIP Classic. Audio Advisor, where I bought it, calls it the DIP Combo. I beleive the lastest version upsamples. You could check that on the Monarchy web site. My Classic is pre-set at 16/44.1, which is exactly what I want. I can order an internal jumper that will take it up to 24/96, but I don't want that.
I want to send 16/44.1 into my Musiland MD10 DAC which has selectable (not automatic) upsampling.
Anyways, the DIP Classic really added something to my system. I expected a reduction in treble shrillness due to jitter reduction by re-clocking. I was not expecting more clarity in the soundstage over the entire FR. E.G., on many hard rock and metal tracks the rythmn guitar now comes out nice and clear. Before it was getting drowned out by the bass guitar and bass drums. Also, more spatial seperation between bass guitar and bass drum.
I am using the DIP in my computer stereo system. My desk top's only S/PDIF output is an optical out of the 3.5 mini input on the soundcard. I have disabled my soundcard, so I have to use a USB out. The DIP has no USB input. So, I'm using a tiny $30 Behringer head phone amp (the UCA202)to convert USB to optical. Today I ordered from Cryo-Parts/Locus Design a true USB to S/PDIF converter: the Pop Pulse SPDIF II. Hopefully, this converter will provide even more SQ improvemnt, but I'm not holding my breath.
Mike