Hi Woody,
This is my answer to basically the same question in another forum:
To answer some questions posted here and from emails (thanks for writing us)
The TubeDAC-11's maximum output is 6V RMS thru the Tube and Line outputs, 2V RMS on the DAC Direct Out. The entire output stage was tweaked to death to make a volume control that can be used for the various scenarios the TubeDAC-11 will likely be used in as well as the multitude of tubes that can be rolled in and the 5 sources that can be hooked up and basically turned into Tube sources:
1. As a traditional DAC The Volume Knob sets Tube and Line Outs to the right level for your pre-amp or integrated from the 5 sources (typically 1/2 to 3/4 volume, with 3/4 typically being about 2.5v) I find that with my gear just under 3/4 volume is where I like it, probably just over 2v. The DAC Direct of course has no volume control and only the 3 digital inputs comes out the DAC Direct Out. I expect most will use both the DAC Direct Out and the Tube Out to their pre-amp stage and switch between to suit your music library selection and sources. I run all 3 outs at the same time into my pre-amp stages on my systems, always fun to be able to get 3 flavours of sound at the switch of your pre-amps input control. We found that adding a switch to take the volume control out of the circuit was more of detriment to the sonics than have the volume control always present ! Plus you can always run the DAC Direct out Thru something like the B-283MKII loaded up with the Treasure CV181-Z or your favourite 6SN7 for a whole new world of high-end TubeDAC. Or run the DAC Direct Out to a dedicated headphone amp, which can sometimes be difficult incorporate into a system without manually switching cables around.
2. As a standalone pre-amp the TubeDAC-11 is vastly improved over the 09 in that the range of the volume is much expanded, with vintage amps that produce full power at typically 1v, you will likely get to half volume before your amp clips, with more modern amps that range from 1.5 to 2.5 v to develop full power, you will get closer to 3/4 volume before clipping, for more stubborn amps that need lots of drive, the TubeDAC-11 is quite capable up to full volume. The 11 is designed to be a pre-amp, the 09 it was potential feature that many had success with, some didn't have enough volume range and were done at under 1/4 volume, some didn't have enough output to make their amps make any volume. If we put the 11 in a big box and threw in a remote your would think you have a $1k+ pre-amp . For the price range we were after, no way can you get a remote inside that doesn't screw around with the sonics. You can get all of that in my W-30 amp. You of course have the Line Out for bi-amping or running subs, Typcally the Tube Out will run the top end and SS Line Out will run the bottom end or sub.
3. As a standalone Headphone amp, both tube and SS. The 09 was a fluke that we could run some headphones of the back RCA tube outputs, for the 11 this was designed in so that both front (SS) and back (Tube with RCA to headphone jack adapter) will drive just about any normal headphone design out there, again giving a useful volume control range.
4. Computer Audio, Home Theatre, Recording Studios all bring lots of other requirements that the TubeDAC-11 can (hopefully) handle and most of this because of volume control design.
When setting the TubeDAC's volume control as a DAC to your pre-amp stage I suggest using the DAC Direct out as your reference to see where the TubeDAC-11's volume control matches that, just switch between the two outputs on your pre-amp. Then do some careful listeing as to where the Tube Out volumes starts to sing with your system, for low power SET amps I find a little boost helps a lot, for big power I find backing off relaxes the system a lot, experiment and you will find that you can the right synergy between the TubeDAC-11 and just about anything out there.
Hope that helps,
Ian