Balanced Inputs

What @cleeds said. ✔

unbalanced interconnects may pick up noise (such as RFI) in your environment with long runs. 

Balanced interconnects are mostly immune to this, but rule of thumb is to keep cables short if possible. Only need to be as long as required.

Tiny amounts of gain can be lost with very long interconnects. So do keep that in mind.

@stringreen depends.....many times balanced connections are included, but they are not balanced at all, but are a sales gimmick

Yes, there’s a distinction.

Are these “true “ balanced circuits/signal paths, or just XLR connectors for convenience?

Charles 

https://goldpt.com/sw2x.html

If your DAC is fully balanced in and out (2 DAC chips per channel) the XLR output should perform better than its RCA output summing circuit. Otherwise you're probably better off with the phono.

Balanced inputs often offer 6dB increased gain. That can be valuable for a phono, worthless for a DAC

6bB less gain.

Tiny amounts of gain can be lost with very long interconnects. So do keep that in mind.

Really it is zero.

If two pieces have XLRs it gets to be a coin toss.
I run the DAC into mine.