Of the Topping, JDS, Schiit and a Sabaj I tried, there were differences. Tiny and not very significant. Without A/B, I would say none. Only in direct swapping. I consider these to be well executed in their class. Agree, not all are. Several others went back to Amazon.
Absolutely, execution matters. Chips not that much. But a billet aluminum case does not actually shield 60 Hz better than stamped steel. I can't hear a color display.
So, is there a step up that is significant? Are the improved circuits, code, the analog and reconstruction filters really better? Does Chord know something? Does the R2R sidestep the worst of the filtering problems? Are the interfaces well designed so as not to have compatibility issues? Or is this all a joke playing off our egos. Why does HOLO make you pay $1000 more for a decent USB. Schiit does it for $250 and it includes the DAC. An Analog Devices transformer chip costs about a buck in quantity. What's the excuse?
From my manufacturing experience, there is not much you can actually do above a few K. Which products take that money and actually do a better job? As an example in an R2R, one can build a single ladder with SOTA .01% resistors, or select sets in parallel and get .001%. Better except thermal drift tosses it out the window. Better caps? More processing power allows more complex filtering. There are things you can't do for $100 in a DAC. Toss in useless interfaces, data rates exceeding anything available, licensing for MQA and you are up to $400. Add low volume production and a nice case it is $800. Drop it into a dealer network and up to $1600 A few You-Tube reviews and audio shows, it is now a $2000 unit. Same circuit.
So what units are actually an audible step up. Focus on midrange smoothness. Then maybe dynamics. Don't want to go into adjectives that describe the source, speakers and room being applied to a DAC. Just not there. Oh, the "midrange sounds forward" Translation: small hump in the eq. Would I actually hear a difference between a Pontus and Biftost? Three times the price, is it twice as good? Only slight? A Qutest over my JDS? 16 times the price? How much better? How much more would I enjoy a few hundred more CDs over the electronics? Goodwill for 69 cents each! With discounts at B&N, around $7. I am willing to pay more if it matters. What step to what matters?
I wake up the PC, drag several covers to the queue and walk away. Playing music need not be like a Japanese tea ceremony so not searching for on buttons inside a cabinet. What it looks like I don't care as my electronics are for listening to, not on display as industrial art. Electronics are not part of a craftsman/Asian decor.