As you say the quantization noise is fixed at ADC time, and since you are not loosing any resolution in the digital domain it remains the same.
However, the performance of the DAC will be compromised because you are not using the full output range - so AFAIK your interpretation is correct. -- Patrick Dixon www.at-view.co.uk _______________________________________________ audiophiles mailing list audiophiles@lists.slimdevices.com http://lists.slimdevices.com/lists/listinfo/audiophiles