What makes a DAC so expensive?

I cannot consider the DCS either, was just lucky to get a long listen to it...

Does this statistical test (below) reveal anything useful about the power supply, OP amps, or ANYTHING else?

I assume you looked at the measurements. Is there something you didn’t understand because they reveal everything useful. Basically all these tests are doing is showing does the power supply leak audible noise into the signal path. Does the reconstruction filters get rid of high frequency distortion? You take those top 20 DACs from the $199 Modius to the $ 11,000 Mola Mola and noone except perhaps a few young people with extraordinary hearing could tell one from the other. It’s only in audiophile forums and high fi sales floors anyone thinks DACs are a problem anymore if they are well engineered as these are. Engineers are just chasing specs and trying new things DACs are no longer a mystery they haven’t been for years.

@djones51 How does the issue of compression figure in? Wouldn't a compressed signal result in distortion? Maybe I need to go over to the technical forum, to dig in a little deeper... Someone brought up OP amps and compression, and power supply, so I'm wondering if measurements can offer any information on those items, or perhaps it's only when you are listening that such things become relevant... 

I guess what I want to know is what is covered by the SINAD, as I understand - just read up on this - that it is a calculation that reflects the pure signal against various other possible channels/inputs of distortion. 

@audioman58 mentioned "maxed" power supplies, but what is the real world result of a maxed power supply and is this where, as noted by djones51, only those who are fifteen with perfect ears stand a chance of truly appreciating the difference?

djones51, you said, "You take those top 20 DACs from the $199 Modius to the $ 11,000 Mola Mola and noone except perhaps a few young people with extraordinary hearing could tell one from the other." 

Please provide data for support of that comment. 

This has devolved into a fuse or power cable discussion. 

Obviously @djones51 is not going to change his mind no matter any one else's experience and there's no way he's changing the minds of people like me with the experience that different dacs matter and objective measurements do not predict subjective experience.

In the end we all have different ears and systems and everyone can be right.

At least discussions like these do help readers learn who's impressions they might trust. It's great when you find someone who hears like you and you know you'll like anything they recommend.