@big_greg I largely agree with everything but would qualify the second part of your first sentence
most likely due to lack of exposure to better sounding gear or convincing themselves that they can get the "best" at a fraction of the real cost of entry.
Lets forget this notion of *best* for the moment. Yes, you wisely put that word in apostrophes too.
What is surprising is that is that in fact some exceptionally good DACs are indeed available for the budget minded. @lanx0003 mentioned a couple - the Topping and especially the SMSL. A few hundred bucks new.
The R2Rs that I and others have mentioned are perhaps 5 to 10 (how long is a piece of string? "the cost of entry is more than an order of magnitude more than my budget allows" yeah.) times the price of an exceptional sigma delta DAC..
For the well known declining incremental sound quality, and even that may be psycho acoustic at the levels we are talking about.. Depending on the supplied aliasing filter chosen, frequency curves are generally pencil flat in the audible range.
Barely perceptible noise floor given that THD and noise is usually below audible hearing at < -120db, sometimes < -140db. Blackness.
Any sound signature is possibly the presence of audible harmonics slipping through (hello R2R!). Other things like connections (people who use USB sometimes have questions here, for example) and other hardware stuff, I dunno.


I’ve the new SMSL VMV D2 in my setup, replacing my Benchmark Dac3 HGA, both delta sigma but with very different implementations of differing chip sets. Both r really good music makers with enough features to keep the serious hobbiest happy. Both can act as excellent preamps on their own, a real plus in a minimalist system, SMSLs 4499 implementation offers the opportunity to add a ddc with its I2S input and a clock frequency selection and input, so the new generation of disaggregated components at affordable prices can be utilized to squeeze out additional performance on an already sweetly voiced dac. Good stuff. The Dac3 remains a ‘stud’ offering up plenty of muscle if not quiet the refinement. Benchmark stacks just sound right and the older ESS implementation still sounds terrific on cd quality material. Like choosing vanilla or chocolate ya gotta get the fundamentals right for the longer term utilization and for me that means features and flexibility. 