I'd even argue that the XR2206 is pretty obsolete when it comes to function generation methodologies. For one thing, it's very limited in frequency - 1MHz max,

I'd even argue that the XR2206 is pretty obsolete when it comes to function generation methodologies. For one thing, it's very limited in frequency - 1MHz max, and dependent on analog components to generate it. For another thing, it's really limited in waveform types. Practically, you can only generate sine, triangle, and square waves. Modulation is possible, but requires extra hardware to pull off. The advantage I see of the DDS is that, once the signal generation portion of the product is software based, you can push upgrades to functionality via software updates. Not something any XR2206 can do!