Are You Being Served
By itself, it's probably not accurate to call the PS Audio Memory Transport ($1695) a music server. Built around a Teac DVD ROM drive (though the unit is limited, at present, to music use with two-channel CDs) the Audio Transport can rip CDs at a variety of resolutions (including lossless compression). It has limited internal storage, however. Instead, it is designed to be connected via its Ethernet output and a home network (wired or wireless) to an external hard drive (or even solid-state flash drive) of the user's choice. The latter, which is often a noisy device, may be located in a remote location in the home, such as in a closet. (I don't know about you, but my closets have no AC outlets. But there are ways to fix that.)
No digital-to-analog converters are included on board; D/A conversion must therefore be done externally. You may use the D/A converter of your choice (even the one in your AV receiver or pre-pro. But PS Audio will also offer a matching D/A, with additional advanced features such as playlists. It will be available separately at an estimated $2000).
The Transport also connects to the Internet to grab a CD's metadata (track information, etc.) and cover art. While it has a small video screen, presumably a larger screen will be attachable for an easier readout of your library of recordings.
While a rudimentary remote will be included, a more elegant solution will be an iPhone or iTouch, which may also be used to read out the disc information. While either of these must be purchased separately, PS Audio plans to offer the software needed in the iTouch/Phone to provide this capability.