To get the most performance out of any of PS Audio's DACs, you need to get a Perfect Wave Transport and connect them via I2S. Otherwise there would be other DAC's to consider, like one by Wyred 4 Sound.
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I don't know what the Cullen mods offer but I thought the PWD was a significant step up for me when I got it and the PWD II upgrade was instantly, noticeably better again. I still have it and consider it a great DAC. Agree, some are dumping them now to move up to the Directstream version but the price gap is too much for me so I am waiting it out. In the interim, I'd put a PWD II on any digital rig and expect it to work well. I have to believe it is way better than any Dig Link, no matter the mods.
I previously owned a PS Audio DLIII, a Cullen Stage 4 DLIII and a PWD mkII. The PWD mkII using the nativeX mode was a big improvement in my experience compared to both DLIII's. I sold my first PWD awhile ago to try out other sources and just recently purchased another PWD (this time in silver) because I haven't found anything better for the money. It is a fantastic dac in my opinion if you don't need DSD. I'd consider the PWD mkII a bargain at the current used prices for a dac of this quality.