It continues to amaze me how many people still think that the preamp is not the lynchpin of any good system - running direct will never be better than running a top flight preamp. However, I wouldn't go so far as to say that that is the case even in lower end systems - there are many cases in which running direct is better than using a poor preamp assuming the DAC is properly designed for running direct. I found my older Wadia to sound better direct except with top preamps - of course you had to keep it above 75 for the volume if running direct so as not to lose resolution.
Definitely on the high end, it's been a pleasant surprise how much improvement has occurred in the last couple of years. It wasn't until my latest source setup that I finally became convinced that digital has *fully* arrived - I'm good, period.