I am a lucky person that having this Parasound DAC-2000 Ultra today. This model is the highest grade from Parasound DAC line-up in the 90's, which using the latest 20-bit DAC module from the Ultra-analog company.
The Ultra-analog DAC module itself is one of the best DAC and can only be found inside the highest-grade DAC like this. Ultra-analog module has different approach compared to the mainstream DAC manufacturer such as Burr-brown, Analog Device, or Philips. Unlike producing an IC die, this Ultra-analog DAC is producing a module that inside it are consist of many IC's from those popular manufacture as well.
I still believe the reason why this Ultra-analog DAC comes in module is because the engineering behind it knows how the good sound should be, so they combining many IC's to make this DAC module.
So here is the Parasound DAC-2000 Ultra review with Ultra-analog DAC module inside.