DAC experiences?

I have the APS Audio PS Audio MK 1 Limited Edition Signature Series Plus and agree it is the best sounding DAC I have owned. Previously, I have owned Chord, Mark Levinson, Weiss. I have no association with APS, besides being a very satisfied customer (and saving a lot of money)

A dac that is more than 5 years old is outdated. If you go cheap with a system, then go cheap with a dac, you won’t hear any benefits that a good dac will provide.

I’ve had the PSA DS sr mk1 dac in my system for years. I had the DS jr for a couple years before that. The SR is a better dac. The DS mk1 blew away many other dacs that are much more expensive, I think because of its DSD technology. IMO, DSD is THE natural timbre in voicing a dac.

The issue I have/had with both the DS mk1/mkii dacs is the softness/tubey bass, everything else sounds very good. Debated on the upgrades but was/still unsure if the bass would be fixed. I still have the DS mki on my desk thinking of putting it in my 2nd system.

I have to agree with jk_richards, the best sounding dac to my ears currently uses the ESS Pro chip, dead quiet, taught tuneful bass, provides DSD musicality, and provides a huge soundstage. I spend hours listening to it without any fatigue. It is more detailed than the DS dac but not analytical sounding. Since I only use i2s into a dac and the ESS Pro dac has great i2s specs, it goes great with my Airlens galvanized streamer. Even the DS mki sounded better using i2s with the Airlens. Why use network tweaks to try to get better sound quality when the Airlens gives you 2 benefits that are crucial to good sq: galvanized technology that cleans up the signal before the dac and 2nd; provides the best interface into a dac: i2s. 

For what you're considering spending, I would throw Rockna into the ring.  You should be able to find a used Wavedream or a new Wavelight for similar to what you might spend on the Dave or Directstream DACs.  

I've heard the Airlens and a PS Audio DAC, but I don't remember which one it was.  I thought it sounded very good, but the friend who had it has moved on to something else.  No experience with the Chord gear.

I have the Wavedream Signature DAC and Wavedream Net server and couldn't be happier.  The Rockna sound is very clean and dynamic.  You can use the Wavedream DAC as a preamp, but I've never tried that. It does not have a headphone amp, if that's important.