I heard the V-DAC in a shop with the Mac and BAT systems I talked about earlier. Those systems are sonically different than what I own, but I've heard them a million times. Maybe when I can afford one of them, I'll buy one. I've never heard either sound dull and lifeless, until then. We tried all inputs including USB fed FLAC files.
My home system was built around a Rega Apollo. The Cobalt was bought used from a dealer as a stop-gap. My system is a Bryston B60 and Audio Physic Yara Evolution bookshelves. They're a very revealing combo. I feed the Theta Cobalt with an Apple TV using Apple Lossless files.
The V-DAC sounded the same at home. It sounded a bit smoother and fuller than the Cobalt, but that's about it. It sounded a little better using the coax out from the Apollo with a Tara Prizm cable (discontinued), but so does the Cobalt. USB didn't fare any better.
I really wanted to like the V-DAC. Who wouldn't want a $300 DAC to get them off the merry go round? If I didn't want it to work out for me, I wouldn't have taken it home. Every system I tried it in had the same end result - uninvolving sound that had no emotion or soul to my ears. It may have done the technical stuff well, but that doesn't mean much to me if it doesn't carry a tune.
To bring it back full circle, if the OP has a nodded Rega Saturn, I think he's looking for some groove in his gear. Basically the flat-earth philosophy as the Naim, Linn, and Rega guys have. If it doesn't swing, nothing else it does really matters.
Everyone has different priorities. Everyone listens for what they like in their system. If it doesn't boogie to my ears, I don't care what else it does.
Just my experience with it. That was my only intent.