Hopstretch, thanks for the white paper. Very interesting. I'm not sure I buy the superiority of the multi-level but it looks like you end up with about 6 bits running at very high speeds. Essentially a hybrid between a classic multi-bit and the delta-sigma/DSD dacs. The use of bits at random is similar to what dCS does with the ring dac too.
Certainly isn't "pure DSD" though. Hmmmm I may need to buy one of these.