I listened to an HDCD, if any of you hoped that it would do HDCD, it doesn't, but that isn't surprising really. No one really uses it anymore. After further listening, here are my thoughts on it versus the Arcam. I had originalyl been listening to the Josh Ritter album "Golden Age of Radio" which has a kind of Alt-Country feel. It reproduced his voice in a way that was very similar to Arcam. However Josh doesn't get into the high register very much. Then I listened to a few other rock cds and noticed nothing out of the ordinary. I just put George Gershwin in the Arcam and I must say I am not conflicted as to what way to listen to the CD. I have to confess that the one disappointment I have had with the Arcam has been its ability to reporduce bass. The highs are so open and clean that it is hard not to feel like Tom Yorke is next to you when you listen to Radio, but it just doesn't get there when it needs to hit the lows. I listen to everything on tone defeat. Well, the Arcam is more open in the higher register. The flutes and piccalo's in Rhapsody in blue are more transparent to my ear from the arcam, but there is the Outlaw creates noticably more bass than the Arcam does. This is a Hobsons choice, or it was until I discovered the upsampling mode in analog. Finally, I need to have two disclaimers. The CD player retails for $699, it is one of the better CD players in that price range and has impressed me at every turn. And I have had the Outlaw in use for about 4 hours, plus I have the unit they actually used at the show, which was used for 2 days. It needs more time I am sure. As does the 770, which was only used at the show as well... Finally, in all of this, I forgot to tell you what speakers I have. Paradigm Studio 60 v.2's in the front, Studio 20 rears, a Studio Center v2 and Hsu VTF-2 as a subwoofer.