I’ve looked at this more closely and done more research.
I think the issue is probably related to buffering within the NDX 2 and the impact of increased processing in electrical noise - which impacts on the analogue conversion. So, “bits may be bits”, but this is impacting at the point of analogue conversion.
According to various sources, the NDX 2 apparently uses a 50mb buffer - which means it loads most or all of an entire track at the start, whereupon there is no network traffic. RAAT uses a much smaller buffer - meaning there is constant network traffic to the NDX 2. Assuming that the network is still fast enough to minimise jitter, it nonetheless means the Naim is constantly processing ethernet input and buffering it. This processing creates noise - which ultimately manifests itself in noise affecting the analogue signal.
Naim has published a white paper on the original NDX. The paper shows the designers deep concern to minimise processing to reduce the noise floor. So, for example, the paper says
‘Naim’s UPnP™ servers deliver the uncompressed audio data ripped from CD using the Naim ripping engine to ensure the best quality reproduction. Uncompressed audio data will always give better results than compressed. Even lossless compression may not reproduce audio with equivalent quality to the uncompressed original as the processing required to uncompress the data increases the computational load. This raises the power supply noise floor, which detracts from the sound quality.”
and
‘The NDX uses the same 16x oversampling filter as the Naim DAC, which is implemented in the SHARC processor. The chosen filter is a modified Butterworth to which additional poles have been added to prevent too much phase shift occurring within the audio band. To ensure both low arithmetic noise (fewer additions and multiplications that cause rounding) and low power supply noise (since the DSP draws less current when it isn’t calculating) the filter is implemented as efficiently as possible, using only five lines of assembly code.
In addition, all code that runs in the SHARC processor has been tuned by listening tests to maximise sound quality. With every increase in number crunching the DSP consumes more power, and the more power the DSP consumes the greater the power supply noise. By optimising the DSP algorithms and controlling the way the data is buffered, power supply noise is kept to a minimum – to the benefit of audio performance.”
There is also an interesting quote from Steve Harris on Chromecast, sourced from this forum or the Naim forum
‘When using Chromecast the stream is bit perfect and native upto 192kHz/24bit. The downside of Chromecast + Qobuz is that it’s not really designed to run at such high sample rates. The buffer sizes are far too small (hence prone to drop outs) and the Chromecast stack is very inefficient so uses nearly all the CPU time in the streamer. Not only is this bad for unit response times, but not also great for sound quality as the electric noise floor of the product increases as everything works harder.’
While no doubt Roon uses larger buffers than Chromecast, this quote recognises that repeated buffering has an impact on processing and therefore sound quality.
(As an aside, my old Rega Apollo CD player also used a larger buffer - perhaps reputedly distinguished its sound quality too).
On another topic, I’m sure what the snark is about identifying issues through listening. Isn’t that the whole point?