@mitch2
I can’t speak for @wesheadley, but I have always level matched my comparisons and the differences are not subtle.
My journey had humble beginnings with several DACs from brands like Topping, Cambridge Audio and others. The best I’ve ever heard in this price range, and probably still the best value for money, is RME’s ADI-2 Pro Black Edition. Super accurate and neutral, as it should be for a pro audio DAC.
Then I spent several years with a Holo Audio May KTE. The galvanic isolation and careful R2R all made a huge difference, not to mention the possibility to combine with HQP and 1.5Mhz NOS mode to really play with and understand filters.
More recently I’ve gone up the chain to a class-leading network DAC from Esoteric. Please see my system. Is it worth the orders of magnitude higher cost over Holo May? No. Is it an audible difference due to the better clocking and higher quality analogue section? Yes, absolutely.
FWIW, let me repeat that a DAC is more than the DA conversion in the chip or ladder. It’s also the pre-pre-amp of your system. Saying that doesn’t matter is like saying the phone stage doesn’t matter. But of course, each system/ room is unique, including the room and what’s audible in one might not be in another.