Fustrated with common base emmiter non-nfb BJT I/v stages. I mean the best you are going to do dumping a i-out into a BJT is about -80db 2H, any performance above this is from subsequent cancelation tricks that generally start sounding like opamps.
Now passive I/V and prefiltering has an advantage in the the impedance seen by the DAC is never going to get higher than the I/V resistor, no matter what frequency, at 22.5792 MHZ the passive I/V is still the same input impedance because as all the active devices following it go up in impedance, it doesn't matter 'cause thats in parallel, plus the 2nd order filtering (caps to ground) probably help (no inductors!.)
This is the best PCM1704K I can come up with, and it was just out reading this forum for years and of shear fustration with oscillation, opamps, you name other stuff I tried had issues.
All it is : PCM1704x2 (parallel) - 30 ohms passive I/V - cap to ground - Jfet gain stage with NFB and another cap to ground - and a diamond buffer output. This gives a pretty high voltage compliance, but for some reason it sounds good. Separate Mofset shunt power regs for everything. Shitty layout/groundplane. The gain stage is fed +-30V, higher rails and more gain would allow a smaller I/V but I don't know now if it is worth pursuing.
And the distortion is basically negligable, in steep contrast to the zero FB BJT attempts I've made. It just seems to fly in the face of everything we know about the PCM1704. I'm using a Legato-spdif-DIR9001-PDM100 (no reclocking).
My postulation is the big I/V resistor and the high voltage compliance just shuts down the 1704's BPO and getting that crappy servo out of the picture is good for SQ, I can't explain it but maybe someone can explain why this sounds good and measures good: