good question, after I sold my V3 but before I bought my UA5, I made some excellent recordings running my 480's directly into my DAP1, I had no problems whatsoever with sound quality or digital overs, while I hear on reliable information that the "limiter" function on the P1 is to be avoided like the plague I believe the preamp and the adc functions are perfectly acceptable, and while I think separate pre's and adc's are preferable I would have no problems relying on the DAP1 to do it all again if necessary