As a DAC, I think the DSD DAC on the Playback and EMM Labs are better than even the PCM1704s on the Ayons. But the Ayon CD5S as a combined unit with a tube preamp is quite special.
So when I compared the EMM XDS1/MPS5 with an Audio Research Reference 5SE, I find the tube magic is equalized and these 2 DACs are more resolving and more analog than the Ayon.
I havent compared the other players in my own system but I remember comparing the Wadia and the Puccini in the showroom against the XDS1 and I preferred the XDS1. The Puccini was sans U Clock though so that could be another factor. The XDS1 felt more resolving with complex multi instrument pieces.
So when I compared the EMM XDS1/MPS5 with an Audio Research Reference 5SE, I find the tube magic is equalized and these 2 DACs are more resolving and more analog than the Ayon.
I havent compared the other players in my own system but I remember comparing the Wadia and the Puccini in the showroom against the XDS1 and I preferred the XDS1. The Puccini was sans U Clock though so that could be another factor. The XDS1 felt more resolving with complex multi instrument pieces.