@lordmelton Thanks for the link, I think I'd stumbled on their converters during my research of this. While my Chord dac doesn't support I2s directly, here is a quote from Rob Watts himself. As ALWAYS, the devil is in the details, and the manufacturer's implementation trumps all.
"Yes traditional SPDIF receivers are not good at recovering the SPDIF and creating a clock, as they rely on an analogue PLL - and the data itself modulates the clock, so you get signal correlated jitter which is extremely audible. But my SPDIF receiver is all digital, and relies upon the low jitter local clock, and does not create signal correlated jitter. The SPDIF receiver creates I2S data, with zero signal correlated jitter; plus a word clock, exactly as if it was transmitted via a real I2S connection.
But, the word clock - whether from a direct I2S or SPDIF, still will have source jitter. And this must be eliminated - and that is the job of my DPLL, which completely eliminates any source jitter. So there is absolutely no benefit in using I2S".
So who the heck knows? I'd imagine every decent dac has a similar SP/DIF implementation as Chord. What did steer me in my direction was simplicity. One cable, no extra boxes with more power supplies (perhaps even benefitting from LPS). It can get crazy pretty quick, this set up from Audiowise really started to point me to fiber: Audiowise SRC-DX