Never hear either but I really like that Jeff Rowland Faceplate on the EAD.
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This really depends on what you are going to do with the processor. Do you have a preamp or is this unit going to be a preamp for 2 channel as well as Home theatre. If this is the only preamp you will be utilizing then I would buy the EAD. It tends to sound better in 2 channel mode than the Lexicon. The Lexicon on the other hand has some virtues. I know Lexicon provides updates for their past products. I dunno if EAD provides updates. It really is a toss up.
Hope this helps,
This is a VERY easy answer! Lexicon DC-1. I have owned both for long periods of time, the EAD is better in 2 channel, but since you state 'primarily home theater' there is NO better processor (and I would challenge those that say the MC-1 is better) than the Lexicon for theater, at least for 99% or the people 100% of the time. Not the Krell HTS (had for 3 months), not the Casablanca II (had for 5 weeks), not the McIntosh MX-132 (owned for a year), not the Proceed PAV/PDSD (currently use) or any others.
For straight up home theater, the Lexicon is the way to go.
Music isn't as bad as everyone states, but don't get me wrong, it is all that good!
If your ratio is higher than 60/40 movies/music, the Lexicon DC-1 is the way to go!
My other two cents. The 4.0v software only has the EX function, which the 3.1 does not. If one feels the 5.1 isn't enough, and feels the nees to have the EX processing with the Lexicon INSTEAD of Logic7 needs help. The 4.0 is a waste, look for a good deal on the 3.1 with DTS. Also, FWIW, some people get excited about the 24bit DC-1 (later models) but don't, the Lexicon can't use them. Contact their support team for verification of this little known fact!
Check out this site for more than you will even need to know about Lexicon products! The best user site I have EVER come across!