Hello John,
Thank-you for your early reply.
I did consider the ADAU1451 and the AD1938 CODEC.
The ADAU1451 is a new part and the algorithm libraries are not completely available/ported yet. If AD updates the SigmaStudio libraries soon, the AD145x can make its way in. I am designing from scratch and the schematics will not freeze in another 10 days.
The AD1938 CODEC is nice, but it is costly. Moreover, it needs at least 8 low noise dual op-amps and the associated precision components for the ADC and DAC filters further adding to the cost and the real estate.
Spec-wise, the AD1938 will measure better. However, sonically, will it be better?
One elegant option is ADAV4601 which will need SPDIF Transceiver like WM8805, but it only gives me one stereo analog input.
This one requires some additional micro controller based development, but it will only be a one time effort. If the requirement of two stereo analog inputs relaxes, this option could surge ahead.