DAC Recommendations Please

Assuming your budget is $700 from your choices, I'd also consider MHDT Labs Paradisea+ and Havana. Both are very nice DAC's at their price points and do posses the qualities you mentioned. The Havana would have to be a used buy at $700-800.

Jax2,
Thanks for the suggesting the Paradisea+. Looks like a good option to add to my list.

Any comments about the Cambridge DAC? If it performs well, it would certainly be a good value.

Any reason not to buy a used DAC? Any risks here? Naively, I would think this would be a relatively safe used purchase.

Buying a used DAC would depend largely upon the prior owner and how they cared for the unit. You did not mention your budget. If you have more to spend there are other DACs worth considering (Esoteric D-05, D-03, other manufacturers) at higher price points.

I believe the PS Audio Digital Link III is no longer being manufactured, and has now been replaced with a new product.
Best to check the PS Audio site for complete and updated information. The DACMagic -- which is frequently sold-out and/or back-ordered -- is excellent by any standard. I own one and for the money it can not be beat and -- for that matter -- will probably outperform many higher priced units. It does have certain specific advantages: (a) both RCA and true balanced outputs for connection to your pre-amp or amplifier; (b) two separate digital inputs with both having coax and toslink capabilities. Rather unusually these days, it comes with a useful and professional appearing owners manual; and the overall packaging -- as is the case with most Cambridge products -- is first-rate.

I use a CA DACMagic. Its fantastic and for the price you will not find a better unit. It has two digital inputs versus most only supplying one; it also has a digital output. Another plus are three selectable digital filters. USB input works well but all I did was hook up a PC, listen a bit and then went back to using the two digital inputs - one for an older CD player (it elevated the sound of that unit considerably) and one for a Squeezebox Duet and the Duet sounds as good as ever. www.audiokrama.org has quite a few posts and a thread on DACMagic use and ownership.