Come to think on it - I guess 30 years ago you could have asked the same about Turntables.
Turntable improvements/upgrades/tweaks are more prevalent now than at any time in the past.
I'm not so sure about that... A SME arm, koetsu cart, and an old garrard 301 table would pretty much be a table that can take on many modern top line tables.
The improvement in sound quality will most likely not come from DAC chips. The chips will get smaller and more efficient, but who needs 1024khz/64bit sound, it probably won't happen. The conversion by the chip is pretty set science. However, having said that, improvements will come from the handling of the analog signal and amplification of it after the chip. The old PSU/CAP/linear amp discussion...