I've recently upgraded my Musician Pegasus to Lab12 Dac1 Reference. In the process I auditioned quite a lot of DACs. Here are what I think about their sound quality compared to each other:
Tier S: Lab12 Dac1 Reference, Weiss DAC502 MKII, MSB Discrete, Aqua La Scala MKII
Tier A: Rockna Wavedream, Esoteric N-05XD, Teac UD-701N
Tier B: Musician Aquarius, Rockna Wavelight, Morpheus Sonnet, Audiobyte Hydravox
By no means my tier B is not excellent, but the four I put into tier S were the ones that grabbed my attention immediately and addictive to listen to.