i'm not an expert in the conversion process either, but basic signal processing theory and nyquist say that the signal can be perfectly reconstructed, assuming perfect conversion/sampling and perfect reconstruction. there may be many places where the real world rears its ugly head and introduces degradations and deviations form ideal.
what i would like to see is the change to the impulse response with this filter.
there are an infinite number of filters with a specific amplitude spectrum but different phase characteristics.
does this new 'phase correction filter' make the filter closer to the Nyquist ideal?
a filter meets the nyquist crteria in the amplitude domain but not in the phase domain is not a nyquist filter.
an example of phase correction is the use, over the last few years, of reconstruction filters with suppressed pre-ringing (at the expense of larger post-sample ringing) in the impulse response. a rough consensus seems to exist that pre-ringing is 'unnatural' sounding, though both can be 'nyquist'.
all of this is complex, most importantly (imho) due to jitter. the amount of ringing and slope of the impulse response at the zero crossing determines jitter sensitivity. the more ringing, the larger the amplitude errors due to jitter (a given timing error causes a larger amplitude error since the zero crossing slope is larger/higher). that is one reason why a single jitter spec (X ps rms) is not the entire story as the jitter interacts in complex ways with the reconstruction filter.
i believe one of the reasons that the original Wadia DACs were so enjoyable (I had a 27ix until very recently) was the relative absence of ringing in the impulse response. i remember seeing photos of the impulse response in the first magazine reviews that showed how little pre- and post- sample ringing their filter (spline interpolation if my memory isn't faulty?). in graduate school, a professor told us a story about how a company came to him with a problem that turned out to be an attempt to build a nyquist reconstruction filter with a brick wall at the nyquist frequency............the filter of course rings forever..............simply using a gentler nyquist filter (i.e. accepting some amplitude rolloff before the nyquist frequency) easily solved the problem..............and of course, if the sampling rate for CD had been set higher in the first place, these tradeoffs would not have been needed and sensitivity to jitter would have been lessened from the start (the two are related, which is again my main point here).
lastly, let me also bring up one more related approach. i'm working from memory so i may have some of the details wrong, but i believe that emm labs is doing something different as they claim an impulse response with no ringing. now that is clearly not a nyquist reconstruction filter but the dac2x sounds pretty good to my ears..............so what are they doing with their proprietary (forget the name) techique?
i think it may be the following:
all of the discussions around nyquist reconstruction filters has assumed that the reconstruction filter is both linear and time invariant.
there is nothing in theory or practice that says a non-linear or time-variant filter cannot sound better!.............so for example, imagine a group of filters are available and the DAC chooses to use a specific one based on either the amplitude (different approaches for high and low volume) or based on rate of change (high versus low versus mixed frequency content). these are all possible tweaks to the linear time invariant filter approach and while i know of no theory to suggest a specific nonlinear or time-varying filter is best, there certainly would seem to be room for innovation. to suppose another possible path, what if wadia's proprietary spline interpolation filter were extended to a family of spline interpolation filters and the best one was selected based on some intelligent (i have no ideas here, this is theoretical/hypothetical) criteria and dynamically changed over time as the music changed.