As I read this thread, it occurs to me that I have been guilty of using hyberbole when describing a high end DAC. IMHO, once one reaches a certain level, the differences between modern DACs are often a matter of subtle preference and feature set. I have not heard the uber DACs in the $20k + range, but I know people who have and who sold them in favor of "more bang for the buck." In the most recent Stereophile, John Atkinson concedes that with certain files he was "hard pressed " to hear a difference between MSB's $43k DAC and the new $3,490 Marantz NA-11S1.
To determine which DAC is "best" at $2500 is a tall order and probably impossible. I have no doubt that all the ones mentioned here are excellent. I seriously doubt that any one would "trounce" another. On the other hand, I am sure one DAC does one thing better than another and, depending upon what you want, that may matter a lot or a little.
Above all, I want a DAC that is "musical" and would gladly trade mine for one that is significantly more musical even if it could never read a hi-res file. I also have my suspicions about the current DSD craze. Until I can obtain the vast majority of what I listen to on DSD, I will patiently wait on the sidelines until the music is there. It's been nearly three years since I bought a hi-res DAC and I still only own a handful of hi-res recordings that are worth the price I paid for them and that "blow away" what I have on Redbook. (And now I discover that I don't actually own my downloads and can never re-sell or trade them...eek!)
I am glad to have a DAC which handles 16/44 well and will continue to use that as my litmus for buying a DAC until there's significantly more truly good music to bring me to the table.
