I have done quite a lot of research on iQube V2.
I can get a silver cap LOD to connect my ipod touch to iQube V2 and i believe it will bypass the iTouch internal DAC and will use the iQube DAC to convert.
But when it comes to connecting to my PC, there is no USB input on iQube, so if i use a mini-mini to connect to my PC, i will not be able to bypass my crappy PC's sound card and use the iQube DAC.
I hope my question makes senses.