Separates. Always.
In general, that is a very true statement. Fortunately, there are some exceptions. Some DACs have pretty decent digital volume controls and sound pretty good running straight into an amplifier (like the Mola Mola Tambaqui for example). However, a great sounding preamp with a true analog volume control can be better. Fortunately, you can have your cake and eat it too. The Mola Mola Makua preamp has the option of a Tambaqui DAC built into it. That way you have great DAC performance with a true analog volume control.

