@big_greg I largely agree with everything but would qualify the second part of your first sentence
most likely due to lack of exposure to better sounding gear or convincing themselves that they can get the "best" at a fraction of the real cost of entry.
Lets forget this notion of *best* for the moment. Yes, you wisely put that word in apostrophes too.
What is surprising is that is that in fact some exceptionally good DACs are indeed available for the budget minded. @lanx0003 mentioned a couple - the Topping and especially the SMSL. A few hundred bucks new.
The R2Rs that I and others have mentioned are perhaps 5 to 10 (how long is a piece of string? "the cost of entry is more than an order of magnitude more than my budget allows" yeah.) times the price of an exceptional sigma delta DAC..
For the well known declining incremental sound quality, and even that may be psycho acoustic at the levels we are talking about.. Depending on the supplied aliasing filter chosen, frequency curves are generally pencil flat in the audible range.
Barely perceptible noise floor given that THD and noise is usually below audible hearing at < -120db, sometimes < -140db. Blackness.
Any sound signature is possibly the presence of audible harmonics slipping through (hello R2R!). Other things like connections (people who use USB sometimes have questions here, for example) and other hardware stuff, I dunno.