the analog outs on the v3 are post DAC? that's seems odd.
Pretty sure the V3 analog outs are pass-through and do not go through the ADC/DAC. But I think he was talking about the 722:
Yeah but even though your going analog out of the 722 the signal still passes through the digital gain stage of the 722.
I didn't find anything in the 722 manual to indicate this is the case. But...that doesn't mean you're not correct. The manual does indicate, however, that line-level analog inputs may be controlled via the same analog knobs as the mic-level signal, but alternatively may be adjusted via the menu. In the latter case, I believe it's simply digital control of an analog gain stage, i.e. the mechanism for control is digital (the menu) but the gain is applied in the analog domain. Since I don't own one, though...I'll defer to you early adopters and wait for a more definitive response.