Any good quality DAC in $300-400 price range?

In your budget i guess chinese dacs is the way to go. If you increase your budget, you can buy nice units like the DA-160 with lots if inputs.

I think you should check out a Grant Fidelity Tube DAC-11 with a Western Electric tube in place of the stock one. I have the DAC-09 with the NOS WE tube in place of the stock one and it is a very sweet sounding DAC in my system.

AudioGD is definitely worth a look as well in that range, i have an nfb2 and nfn3 so know kingwa's work well enough to recommend it.

good luck , hope this helps :)

Thanks Timlub for the Musiland DACs info. Yes, I've heard about the Chinese brand and good quality of their products. It seems to be pretty popular in Korea too. (I've read the article on a Korean website.) Since I'm a PC user (for audio stuff) who uses Foobar2000 for FLAC files playback, I should definitely try it!

if you want an inexpensive dac that does everything... won't work on mac... Musiland Monitor 02US, Musiland Monitor 02 Dragon, Musiland Monitor 03US... they need some real break in, but surprisingly nice sounding.

Thank you all for your great answers.
After reviewing everyone's answer and doing additional research, I've found that there are not many USB 2.0 DACs that support all of the available sampling rates. However, I think I'll have more options to choose if I get an S/PDIF connection. So I was searching for an affordable PCI sound card that supports various sampling rates and found ESI Maya44. Has anyone used ESI Maya44 sound card for S/PDIF connection? What's the major difference between USB to S/PDIF converter and PCI sound card with S/PDIF connector?

Sorry the Peachtree is called DACit

I was in the exact same position as you a couple months ago. I bought this:
http://www.ebay.com/itm/Valab-WM8741-24bit-192k-USB-DAC-Dual-WM8741-Balanced-XLR-Output-Black-Face-/300703596949?pt=US_Home_Audio_Amplifiers_Preamps&hash=item460354c195
Dual mono, excellent build and parts choice. Inputs all formats and plays all frequencies. I am very happy... Note, USB is the tenor 7022L, usb only does up to 24/96 and is not Asynchronous. I did add a USB to SPdif that was Asynchronous and had galvanic isolation...
In your pricepoint to get it all, the Schiit is an excellent choice and after having an upcoverting DAC, I have come to believe that playing native resolution is better.
The entry W4S looks great and the Peachtree iDAC has great reviews.

With a bit more research you'll find you don't want the DAC to do the upsampleing unless it has defeatable filters, not likely at this price point. Upsampling can be accomplished with playback software such as Pure Music.

All the connectivity features, and kHz numbers are simply fluff compared to the quality of overall design and resulting sonic quality of the DAC's output. It's not unusual to see people using an $1800. USB to SPDIF converter with a $700. DAC

The Schiit Bifrost is actually a very good, if not currently one of the best, suggestions at this price point.

http://www.digitalaudioreview.net.au/index.php/audio-reviews/digital-source-reviews/item/330-schiit-bifrost-24/192-dac-akm4399

Check out a Music Streamer II by HRT

Wyred4Sound has come out with a $400 mini DAC. If it is a giant killer like the DAC2, it might be the one:

Wyred4Sound MDAC

HRT Pro, or Musical Fidelity V-DAC might work for you. Saw HRT on" Gon"
yesterday.

Thanks Mofimadness for your quick response.
I did a little bit of research on Schiit BiFrost and found that it doesn't do upsampling as others normally do. So it may not be the one I'm looking for.
Has anyone heard Cambridge Audio DacMagic 100? It seems to be quite interesting. Not sure about the sound quality though.

The Schiit BiFrost is supposed to be excellent. I haven't heard it, but I've read alot about it. It runs new $449 with USB input.

http://schiit.com/cart/index.php?main_page=product_info&cPath=0&products_id=7