DAC, after the D comes the A and C which is the analog signal coming out. Just because the digital part has the latest and greatest chip set doesn't mean the analog part of the signal is anything special. You still need a quality analog output stage. Some manufacturers (Zanden) even prefer ancient chip sets.
I like my mid nineties VAC 22.1 DAC just fine. I haven't done any side by side direct comparisons, but I am not blown away when I hear the same disc played on a CD7 at the dealer. In a side by side maybe the CD7 is better. I don't know. I do know the VAC outperforms my slighly older Linn Numeric which was a more expensive unit.
I like my mid nineties VAC 22.1 DAC just fine. I haven't done any side by side direct comparisons, but I am not blown away when I hear the same disc played on a CD7 at the dealer. In a side by side maybe the CD7 is better. I don't know. I do know the VAC outperforms my slighly older Linn Numeric which was a more expensive unit.