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3.3V - 5V logic levels and can process multiple different formats by setting two pins to high or low. The DAC will process data immediately, and give you a clear, analog, stereo line level output.
It will also work with MCLK-less I2S interfaces such as the Raspberry Pi (which it's ideal for) - a built in PLL will generate the proper clock from the incoming signal.
For inputs, you can use classic I2S (the default) or 16-bit, 20-bit or 24-bit left justified data. You can set it up to take an input system/master clock but we default-set it to just generate it for you, so you only need to connect Data In, Word Select (Left/Right Clock) and Bit Clock lines. Also there are a mute pin and a de-emphasis filter you can turn on.