@MTdunn I actually e-mailed Richard Schramm / CEO of Parasound about the DAC in the P5 vs. the integrated.
He said the DAC in the P5 was just a convenience, but the Integrated has a much more serious and better sounding DAC built in. I personally have not heard either.
I can tell you I've heard the ZDac v.2 and for the price, it is a very very good performer.
Best,
E