OK. I've spent some time with the CX-2 now.
I bought it as a remote controlled volume device and for occasional phono stage use.
I'm using it in pure direct mode (which is the only way it will ever get used). Overall, I'd say it's quite good. You can tell the difference between this and my passive attenuator, but the difference is small.
The phono stage also seems very good and quite frankly it smokes the Bugle phono preamp I was using.
The one thing that annoys me about the CX-2 is the volume control. With a hot input like a DAC, you're usually using it somewhere around -50dB and if you hit the button to adjust the volume, you get HUGE jumps from just one button press. Anyone know if you can change this?
I tried the -20dB mute function, but it audibly degrades the sound quality. At the moment I tried some -12dB Harrison labs attenuators on the CD inputs and I don't think I can detect any loss of sound quality with these. I shouldn't have to do this though, I think the remote control volume control should be sensitive enough to actually be useful.
I opened the unit up briefly and it looked like decent quality. It's mostly discrete components of high quality (e.g., ELNA caps). I do think I spotted some opamps in there. Please tell me it's not using opamps for its pre-amplification!