Hello Dragon_vibe, I do not claim of havving heard every DAC on the market today, far from it. Hence, I am not in a position to claim that all volume control built in DACs are wonderful. On the other hand, I have solid reasons from personal experience to assert that a broad claim of all DAC VCs being worthless is equally invalid.
I have been enjoying a Rowland Aeris DAC for several years. This device has a volume attenuation/gain based on controlling the reference voltage, as you can read in one of the technical articles at:
http://jeffrowlandgroup.com/kb/categories.php?categoryid=205
I have used Aeris with three excellent preamplifiers: ARC LS2-B, ARC Ref3, and the incredibly transparent and resolving battery-powered twin-chassis Rowland Criterion. In the end, I determined that in my particular system, I could very well drive my Rowland M925 monoblocks into the Vienna Die Muzik speakers directly from Aeris, without an interveening line stage. Why? Because the sound I achieved even without linestage was wonderful, from both an analytical and emotional point of view.
But why am I using "was" instead of "is"? That is because in the last three weeks I have replace the external Aeris power supply with the new Rowland Power Storage Unit, which feeds Aeris pure DC through a bank of ultracapacitors that isolate Aeris completely from the AC grid. And the result to my ears is... Simply mesmerizing.
Will I ever insert a line stage again into my system? I have no idea.... I am not in the habit of mortgaging the future. Nor am I in the habit of claiming that what I have is "the best in the world", or other such juvenile boasts. The only thing I know for certain is that my music making system has risen to a performance level I have never experienced until now, linestages or not.
Regards, G.