I  have been debating on whether or not to purchase an external DAC and/or update my CD/SACD equipment. Honestly I am not very knowledgeable about DAC chips and I am in need of advice. Currently I have the Pioneer DV-47A Elite for my SACD's and a Rotel RCD 990 for my CD's. All being feed thru my Marantz AV8802A pre amp. When I purchased the Pioneer and Rotel new they were considered very good equipment and  had the better DAC chips at the time. I am using the DAC chip set in the Marantz for my Rotel and the DAC chip set in the Pioneer for SACD. I am considering the Oppo 205 if i decide to update, for SACD and CD's and Blue ray, (I also do home theater). Will the chip set in the Oppo or an external DAC be superior and noticeably different than my current equipment? How does it compare to the DAC in my Marantz? My budget is about $1000 for an external DAC. I am open to suggestions for equipment and any advice. I also use my computer to stream music from Amazon and Spotify (no Tidal or Roon streaming yet).  thanks  

Oppo 205 uses twin ESS 9038 chips (the top DAC chip currently), tho I do not know how they are implemented - I have one

why not try one and then return it if you don’t like it?
(go thru your music collection first to find the best tests)

you may not want an external DAC - if you do, a used benchmark DAC2 will be a good one; otherwise, it may cost a lot to get much better SQ than the oppo
Go with the OPPO 205 or 105, both are very good! You will be very glad u did  when you can replace two players with one! Also, built in dual ESS Saber DAC's with stereo RCA or XLR outs, will blow away what your old units are doing. This is a giant killer of a product for the money.

Matt M
I have your Pioneer Player.  I used to use it in a two channel system but it’s been in a multichannel system now for years.  I now use an Oppo 105 in the two channel system
I also have a lot of SACDs. 
In your case I would Second the recommendations for the Oppo 105 or 205.  The DAC is an improvement over the Pioneer, which still is a good player, but you will notice and increase in treble quality and a much more detailed sound, with some improvement in bass.  The picture quality will no doubt improve.  The Oppo can be configured to output the DSD layer of SACDS, if you were to add a DAC that can accept HDMI in the future.  The Oppo can be used to play 2 channel or multichannel downloads via it’s USB port.
Sonic differences will be very small. The main benefit of an Oppo UD205 instead of both your disc players (why have two?) would be on the video side, where you would be able to play Bluray and UHD Bluray discs for far better picture quality than just DVD. But that also presupposes that you have UHD Bluray source material (there is still not much) and a 4K screen.
You may want to look into Mod for the 205. Exemplar audio (John Tucker) did mine. Really special !!!