Charles, the Onkyo blurb says "virtually noiseless". This should be interpreted to mean that even the most sensitive instruments can barely measure it. However, typical DACs(including chips costing less than $1 each)have been noiseless as far as our ears can tell for quite a few years now. The analog output has met the standards described in there without the need for any new circuitry.

-----------------------------------

Enjoy the music, not the equipment.