PCM isn't going to get around DAC and amp limitations. The iPod is a great device but it's a price/performance/packaging tradeoff. Doesn't matter how good the source data is, you're still outputting it through the same bottlenecks. The Slim Devices box is the first try at a 'no compromise' media player I've seen. Haven't heard it so I can't comment as to performance.

As for audiophiles; either you hear a difference, or you don't. Being an audiophile doesn't automatically equate to spending tens of thousands on speakers, cables, amps, etc. You can have great sound on a budget... you just can't do it with most mass-market brands. But if you think a Bose WaveRadio is as good as it gets... more power to ya.