In my opinion, the "best DAC" would be the one that works in Pure DSD mode (that means converts PCM to DSD as well), and does not use D/A conversion chips which send/upsample DSD through Delta/Sigma modulators.
Lastly, there shouldn't be any solid state components on the signal path, after the DSD D/A conversion (usually an FIR filter).
Now, that is really hard to find. :-)
The Lampizator DSD dac has some of those design elements in place according to Lucas and his disciples. Bruce Bowen has done a shootout recently with the 15K PD dac and it compared favorably.
The Phasure eats it alive using PCM. Its closer via DSD but the Phasure is still clearly better.
Prior to the Phasure the best sound I had heard was DSD using the Playback.
Bhobba, which PD dac was demoed? The 3 or the 5? According to everyone in the know, PCM is not its strong suite, so any comparison is strawmanish especially if you have no equivalent digital transport and software upstream. This seems to be one area where Peter and the Phasure dac seems to excel and pull ahead of the pack.
I heard from someone that the Trinity Dac has the typical cold brighter German sound.
That is not what I have read about it so far (http://cybwiz.blogspot.com/2013/03/trinity-dac.html; http://www.whatsbestforum.com/showthread.php?12023-Trinity-DAC). It sounds like a pretty serious piece of gear. While I agree that cost does not ALWAYS track with performance, the Audioexotics crowd are almost insufferable in their testing and regularly have access to the best in rooms and systems that are SOTA. Not the typical cheezeball like myself in the US dispensing wisdom from my vintage recliner in a musty basement. Its all about exposure and frame of reference.
The Trinity has multiple proprietary elements (with associated patents) and a designer with a serious pedigree. It also has some architectural similarities to the Phasure in terms of stacked 1704s, so I would be surprised by any reports of being cool sounding. Its price is too rich for my blood but if you are the type of guy who has an unlimited budget, why not? More power to them.
I know there was a shootout scheduled between the Trinity dac and the Lampizator L7 in Hong Kong on the 22nd but I have not heard anything yet. There is also one planned between the Phasure and Lampi L4 or possibly L7 in Atlanta sometime in Jan. Still awaiting a formal commitment from the southern fried Phasure devote.
There is obviously a lot of good dac data coming down the pike. Should be fun. Just have to try and leave the audio egos at the door.....