I've owned the ARC DAC 2, then changed and used the Perpetual Technologies P-1A, P-3A combination and it sounded much more open and revealing. I had Dan Wright do a level I modification to the P-3A and I felt it was truly worth the money. I've since sold them to purchase and try other DACs. I then purchased an EVS M-2 (which was nice, but not as nice at the Perpetual gear. Ric was nice enough to allow me to return it (great person). Recently I've purchased the new Kora Hermes 24/192. It is a tube DAC and I've replaced the 2 tubes with the Seimens NOS E88CCA pair and the sound is as wonderfully transparent and anything I've tried to date. I know that many new digital formats are right around the corner, but until the industry cuts us audiophile a break and settles on one format (which will never happen), I think I've found my DAC.....
But like everything....that's just my opinion!
Good luck in your search.