Cleo: USB DAC (meaning usb input only): ASYNCHRONOUS USB DAC up to 192KHz with Tube Output.

In between it's like this:

Computer Music player>>>
>>>USB by ASIO (or other direct stream to USB), bypassing Windows playback>>>
>>>USB input of Cleo where asynchronous signal is reclocked>>>
>>>on board DAC>>>
>>>UTS (tube output stage)>>>
>>>RCA outputs

Of course the secret's in the sauce
From clockwise, upper left:
MuMetal wrapped power transformer
Ultimate Clock power supply
On board Linear power supply (LPS) (nothing powered from the computer)
Ultimate Clock module with 0.5ppm TCXO
UTS (tube output stage)

The mods on the Musiland PCB include Sanyo Os-Cons and Elna Silmic Capacitors in specific positions to get the best sound, disabling all the switched mode local supplies and re-using the chokes from the SMPS's to add LC filtering to the DAC power-supply (pre DAC regulator).

Only the digital core of the Musiland is retained (including the 192KHz/24 Bit advanced segment DAC by Burr Brown), with heavily upgraded power supplies (including a low noise "current source" pre-regulator supply by using the filament supply) and related circuitry.

As implemented the EZ-Clock that replaces the on-board clock from the Musiland PCB uses the XTAL emulation which also removes the ground reference for the clock, meaning the effects of the on-chip ground bounce (due to the lead frame and the bond wire resistance and inductance) are bypassed, as the clock not only has a separate, isolated supply, it also has no ground connection to the audio circuit whatsoever.

And last but not least...
The original Op-Amp analog stage of the Musiland is completely removed. The DAC's output pins directly connect via silver solid core wire in teflon sleeving to the Tube Stage PCB, the outputs from the tube stage also use silver solid core wire in teflon sleeving. The Tube stage is fitted with the Obbligato Tinfoil Capacitors.

Been running in a few days. At first was a little aggressive and lacking space. That's all gone now and things have kicked in and we're getting some VERY good sounds. Later we will do some more detailed listening with our resident ears.

Some have already asked if it is better than the Satch. I would say this (at this point):
If you play ripped Redbook CD only, get the Satch.
If you play a mix of Redbook CD and HD, get the Cleo. Especially when playing HD the Cleo just kicks it up a couple gears -- noticeably so-- whereas any 16/44 DAC will truncate down to 16bits.

HD really does benefit with tubes. Are we the only one?