@fuzztone It needs to be noted that a Pi is not a "single purpose" built device. It was conceived and built as a small computer that would be a teaching tool to get young folks interested in computers and programming. They are frequently used as a very affordable around computer. In contrast the electronics in an iphone are much more sophisticated, but that is why for our purposes it might be worthwhile to shut down most of the unnecessary functions.
I go back to the beauty of the battery power since in much of our hifi world it is the quality of the power supply that is the foundation of audio fidelity, and you just can't do much better than a battery. The extreme energy efficiency and nano scale design elements of todays phones permit tiny batteries.
@soix referenced an Ifi Zen streamer. I have not heard one, but have read good things about them and he attests to this. I don't know for sure but based on the reasonable price of the Zen streamer I wouldn't be surprised if it is not based on the Pi or some small computer very similar. The further refinement comes from the power supply and the handling of the digital output, as I understand it.