Are DAC prices reflecting sound quality?

I'm very confused here. While I know the price of a unit doesn't define how good it will sound, I do expect a significant positive correlation between the two.

But right now there is an Esoteric D70 DAC on Agon going for almost $3k. While the unit was very highly reviewed back in 2004, many claim digital has evolved A LOT over the last 5 years, and some claim the Berkely Alpha (a.k.a. BADA, @ $4k) and the PS Audio PWD (@ $3k) to be the best ever DACs. So is the D70 that good, or should its market price be lower to compensate for the lesser sound quality?

Opinions?