I can see the hardware volume control issue is rumbling on and I suspect my previous contribution didn't really help.
I assumed that the hardware volume control was analogue because it is referred to as a significant positive point in much of the documentation.
It seems that the TI chip does offer analogue and digital gain options. See page 62 of the TI PCM512x spec (
http://www.ti.com/lit/ds/symlink/pcm5122.pdf). It looks like both options are made available to the ALSA mixer in the IQ DAC but what is referred to as the hardware volume control probably relates to the Digital Volume Control. The analogue gain control appears to only offer 2v or 1V rms output.
The digital volume control on the chip appears to offer +24db to -103dB and that matches up with what is described as the hardware volume option (with some restrictions). The spec doesn't say how the Digital Volume Control is implemented but we should assume that it works as usual and will reduce the number of bits in the signal. However, given that it is a 32bit DAC it is difficult to believe that it would be discernible.
A rotary encoder seems to be an add on option to the IQ DAC but it would appear to operate on the Digital Volume Control. There also seems to be an option for IR control.
Sorry if I caused any confusion.