I heard the Yamaha/Naim demo and had no difficulty hearing a difference between the two with the Yamaha sounding rather 'thin' - even at the low levels used.
As always, an interesting show and very well attended - some perseverance was needed to get into some of the rooms. Biggest disappointment for me was the stacked Quad's, something odd going on there I think. This year quite a lot of the rooms failed to excite much in me. However, the reel to reel and active Rogers room had great transparency, focus, detail and coherence (qualities that unfortunately escaped many others). The room next door with the green horns and Guy's new phono and direct drive turntable was also very interesting. Although not the last word in integration the system did show good dynamic and the turntable sounded very promising.