Chord Dave or Ayre QX5 Twenty DAC???

Hello Paul,
To be clear I wasn't critical of your impression and opinion at all. I just know that someone somewhere will say I've also heard both DACs and chose the Dave over the Totaldac. Based on what I have read and heard about the Totaldacs I don't doubt that it is as you described. 
Charles 

Yes. I like Ayre as a company (you can see that I’m a big fan of their amplification) and like to see what everyone is talking about re their digital since they sell a lot of units (and thus have a lot of threads posted about them) due to their very reasonable prices - their earlier work like the CX-7e was garbage (the only one I owned - relied upon reviews and got burned - the rest I’ve heard at dealers in Ayre systems). They turned the corner with the DX-5 and have been improving.

I really am amazed at some of the comments about the Ayre.  I owned the Empirical OSDE/SE and nearly upgraded to the OSDX.  I have had the Dave, Berk Ref mk 2 as well as many other DAC's.  I"ve listened to the Trinity Ref DAC, the DCS DAC systems multiple times. I have not heard the Bricasti or EMM, but I have a few friends who own them. I also have a few friends who have them.  Both love their DAC's as they should.  I only heard the TotalDac once and felt it nailed everything.  To my ears I love the liquidity of it.  From top to bottom is was just awesome.  I also love the new Brinkman DAC.  It's really special and I think folks will love it.

The Ayre, to my ears, is only a hair behind the TotalDac.  I couldn't justify getting the TotalDac with what Ayre offers as half the cost.

Ayre vs Dave.  The Dave and Chord in general is known for awesome mids and highs.  To my ears it lacks in the bass. It's musical and goes low, but not as low as the Ayre.  The Ayre is very natural in the mids and highs.  It has the best pace of the two also I feel (again for MY ears).  At first I didn't think it was as detailed as other top flight DAC's I've heard or had in the system, but it's more detailed.  It just does it without any distortion or edge.  I don't think it gives up anything to Dave IRT the mids and upper range either.  I love the Chord products, but they don't do bass as well as many other comparable products. I've spoken to two well regarded designers about this. One says that he wishes he could get the mids and high right the way the Dave does, but he agreed with me about 100hz down.  

The one thing that you have to also be careful with in digital is that it sound differently in each home.  They are just so reliant on the quality of power you feed it and also which source and input you are using.  The one thing about Ayre that is sweet is that it is a digital hub.  They have maximized all the inputs. I've tried all of them and feel that they got it right.  It did take well over 500 hours for mine to break in, but once it did, it vaulted itself into the top tier DAC's for my money.  

The DCS DAC's to me can be a bit dry.  They are as open and detailed as you will get and the bass is really deep.  Honestly the bass on them when used with the Wilson XLF's was the best I've ever heard on those speakers.  I personally don't like the Wilson's.  I'm a Vandersteen guy as most know who follow any of my posts.  That gives you an idea of what I like in my sound.

The Berkley ref 2 to me wasn't in my final 4 DAC's.  I just didn't love it.  I think it's a nice sounding DAC and does nothing wrong, but I think that the DAVE has much better sound and the TotalDac blows it out of the water IRT involvement and top to bottom accuracy.  It also has a pace about it that betters the Ayre only by a smidge and not on all tracks.  

The Dave does throw a huge soundstage which I love.  If the DAVE had deeper bass, I'd say go with it, but the only way anyone will ever know is by getting them all in their systems.

For anyone to say the QX5/20 isn't an upper end DAC makes me wonder what they are listening to.  I'm not saying it's better than anything mentioned in this thread and I'm trying to stay on track of what the OP asked.  

If you don't want to audition the Ayre, because you read someone who says it's not a top tier DAC, then you are doing yourself a disservice.  JMHO

Your original question was should I purchase the Chord Dave DAC or the Ayre QX-5 Twenty DAC.  There are 16 posts "striving" to answer your question.  Some people are recommending the Chord Dave DAC and others like the Ayre QX-5 Twenty DAC. Other people, like myself, are recommending you consider other DAC choices, such as the Bricasti M1 SE DAC.  

Some posts are expressing strong likes, or dislikes, for one DAC or another DAC. I believe that everyone posting a similar like question on Audiogon has received similar responses.  Based on my experience, the only way you can make the right decision for yourself is to listen to the DAC’s mentioned above.  I also know, that in many cases, you might not be able to audition some of these DAC’s.

As you already know, everyone posting on Audiogon has a different opinion but the only one that counts is your opinion.  All of the above posts are interesting opinions and information.

I suggest you purchase a USA made DAC since it is easier to ship back for upgrades, repairs, etc.  You need to select the DAC that offers the features you need now and in the immediate future. It is big plus if your DAC can be easily upgraded. For example, I upgraded my Bricasti M1 DAC to the SE DAC version (Ayre offers similar upgrades).  You need to ensure your new DAC is compatible with your existing equipment (for example, balanced connections).  Does your new DAC have special power requirements and need special power cables?  The most important factor is how does your new DAC sound in your room.  If possible, I suggest you borrow one of these DAC’s for a listening session in your system and environment.  I was able to borrow a Bricasti M1 DAC for my home audition.  As noted, I liked it very much and purchased it.  

I also agree with ctsooner's post above that you should audition the Ayre QX-5 Twenty DAC.   It is a top tier DAC that sounds excellent and has many useful features.   All of the DAC's listed above are expensive so you need to take the time to ensure you purchase the DAC that is right for you.    

I have a Dave.  If it helps, I found the sound over a two channel speaker system (I.e., not headphones) was notably inferior when the Dave was hooked direct to power amp.  Thin, lack of warmth and bass.  Sounded way better with linestage preamp (using boulder 2010/2060).  Some may disagree - my system, my ears etc.  That said, when I got it hooked up through my pre I found the Dave to be quite a bargain at its price hitting far above its weight class.  Great little DAC.  Two/three years ago you would have to spend a whole bunch more to get that performance.  Haven't heard the other one you are looking at.  Good luck.