I was really interested as well until I had a nice chat with NAD. What I learned was this the phono stage/A/D is in fact the DD AP-1 card that I have used before in a C 3900DD. Phono stage quality was fair and recording resolution through phono stage is limited to 24/96. Recording through the single ended or balanced inputs give you 24/192. I did 3 transfers first through the phono stage at 24/96 second was out of my Nova 2 into the single ended inputs at 24/96 finally through a modded Cambridge audio 651P again single ended at 24/96. Blind listening of raw gain matched wave files through Sequioa UA 2192 Harbeth 40's it was easy to pick the NAD phono stage thin narrow pretty poor, and as usual for me picking between the other 2 was not easy, but I've done it enough so Nova wins but it's damn close. I will say A/D quality is pretty good, but not good enough to justify the cost for my needs. And no headphone amp = silly.
It "may" be a piece that "makes sense" for some, but just kind of an odd duck IMHO.