Pros & Cons of Buying an Integrated with Built-in DAC?

sorry it the LIO typo

I sent back the Peachtree  nova 150 today. It yielded more detail than the Jolida but the tonality, overall, struck me as very "dry" and "flat". Don't know if these are audiophile terms, but it sounded to me like all the sensuality and depth had been drained from the music. Not my cup of tea. I'm going to try a demo unit Wells Majestic, next, (considerably more than I'd planned to spend) and if that doesn't please me, I will probably resign myself to staying with tubes and go with something like a Rogue Cronus Magnum II, which would presumably be an improvement over my current Jolida 302B. Luxman might be just the thing, but even used, they're more than I want to spend. As my audiophile buddies with high-priced systems have reminded me, audio is an expensive hobby. 

glennewdick;
 The LIO is too pricey for me. 

It would probably be worth trying a Nait XS or a SuperNait.  Both very good sounding, have built-in upgrade options, will last effectively forever, and have excellent support.  If you don't mind used, a SuperNait has a good DAC built in (yes, ironic in that that is one of the reasons I don't have one). 

DACs seem to outdate in 5yr cycles(with some exceptions for niche or unconventional products off-the-shelf chips are used which stay current for quite a few years.) We're at the end of the current cycle by the looks of things; the Sabre 9018 has been on the market a few years already & AKM just put out a new chip. A lot of companies seem content with refining designs based on older DAC chips.

Integrates have the advantage of short signal path & the lack of guesswork on voicing/electrical factors. Your money is also going into purchasing only one box of casing & power supply so in theory you will get more DAC for your money. The disadvantages are that companies usually prioritize the amplifier circuitry and may not be experienced in DAC design.

My thought on the matter is that if you do decide on a one-box solution shoot for something made within the last year. I'm not sure on your budget however you say the LIO is too much; by giving a miss on redundant parts(the box/psu) you may get a superior value. What it really comes down to is if you can get the sound you're after in a unit which has a DAC option. Trimming down to one box takes a lot of different implementations & brands off the list.