why expensive streamers

Same goes for cars; yeah, you can buy a car based on specifications alone, but specifications don't tell you what the leather smells like, how the door shuts so quietly, and how the engine sounds when you turn it on and how fun it feels when you take a corner at 70 miles per hour while still feeling so safe.  (These are just analogies so don't critique my driving habits, please!)

Right the specs can only tell so much.  You have to test drive the car to know how it drives.

Far too much sense being talked here: I think I need to find a thread with a bit more nonsense!

Some great posts.

I just did a thorough search of all the internet audio forums. This is the 2,134,567th thread devoted to this topic. After the 5th one, nothing else has ever been said that wasn't said before. Yet, here we are again. 

Next time, I suggest doing a search for this topic rather than starting the 2,134,568th thread on the same topic with the same reponses. 

OP: What am I missing? Why are people spending 1000's on streamers?

Audiophile grade DAC's are all withing everyone's budget. If we all agree that the same digital file entering each DAC is well,,,identical. Then the DAC converts it and sends out its analog interpretation of that digital file. During this conversion, each  DAC's colosr and distort the signial in their own way based on the design and opinion of the engineer. The question becomes, do they sound better/worse or just different. Next, do you trust the opinions you get from others without knowing their ability to hear accurately, perfect pitch, and ideal audiophile approved DNA. Add to this each persons equipment and speakers. My rule of thumb is that to spend more that 10% of your system's budget on a DAC's will deprive you of achieving your "ideal system". Enjoy the music!!!

Google the plethora of info about jitter and noise that been available for many years now.