Do I need a headphone or speaker to appreciate high-end DACs?

silly argument good headphones vs speakers both are workable in terms of hearing improvements in a system really depends on the listeners preference

dave and Troy

Audio Intellect NJ

Either.

There is bad dac...

Once you get one which is good for you...

Stick with it...

Most upgrading dac is a marketing ploy to push consumerism...

No dac can beat a good acoustic or make it by itself...

Synergy between dac and pre-amp or amp is important...

I'm of the opinion there's more meaningful difference between DACs when compared on a good 2ch speaker system. With headphones, no matter how resolving, the differences in spatial information / presentation are far less meaningful when it's all being crammed into a headstage. The tonality and smoothness of a DAC are still quite important, of course - and this needs to be carefully matched to your chosen transducer - but there's generally "less" overall difference amongs DACs on headphones than with speakers. 

I concur with your opinion...

I hate all headphones...

Save the AKG K340  because i have a sounstage out of my head...

I'm of the opinion there's more meaningful difference between DACs when compared on a good 2ch speaker system. With headphones, no matter how resolving, the differences in spatial information / presentation are far less meaningful when it's all being crammed into a headstage.