@samureyex
What has the better predictive value for the sound of a DAC: SINAD or price? I go with SINAD. Not perfect, but better. Scientifically expressed as higher factor loading in a PCA.
Why are expensive DACs generally reported to sound better? Because buyer would otherwise have to admit of having wasted money. Pure psychology.
I just bought a Topping D50III ($250) based on ASR assessment. If memory serves me well, it measured SINAD 123 vs. Molamola at 124. So the Topping appears to be good bang for buck, particularly for my little secondary desktop system. As an aside, the D50III gets some recommendations by audiophiles. I compared it to my HoloAudio May L2 ($5K; not in ASR listing) in my main system. Plugged both into Roon server, volume matched, linked the two sources in Roon, plugged both into preamp, so can switch in an instant. Listened to a bunch of different tracks and music styles from EBM (attack/punch) to indie pop (soundstage) to chamber (decay). On some I liked the May better, on some the D50III. Essentially, overly analytical recordings sounded better on the more laid back May, whereas more relaxed recordings sounded better on the D50III. The differences were very subtle, much less than different tubes, headphones, or cartridges. Bad recordings were equally unmasked by both. So a $250 DAC is not clearly worse than a $5K DAC. Price difference: 20x. Shockingly (not) it depends a lot on the recording.
ASR serves as a good buyers guide for those of us who rather listen to music than to gear. Not the only one, but a good source.
Did I waste $5K on the May? Arguably yes, though the D50III did not exist when I bought the May. Am I replacing the May with another D50III? No. I already have the May and it looks nice, but admittedly does not sound clearly better. I still have to compare the May to the D50 [OG] with SINAD of ~90
Re cables, again, you do not hear capacitance or resistance or inductance, just as lille as you hear color. As pointed out by others here, go start a double blind testing series with listeners, and report your findings. If the EFFECT of cap/ind/rest can be heard in sound waves, that will be most fascinating. A possible EFFECT of cap/ind/rest is frequency response, noise etc. and that is precisely what ASR measures.