This post is more an observation than offering a best DAC.
Tom all I'll say to that is in the world of digital, its usually too soon and never too late. That is as soon as you purchase one DAC, better parts and technology comes out with something greater and sometimes even cheaper rendering your choice obsolete. It can keep the poor old Emperor naked indeed :).
I haven't compared too many so I really don't have the frame of reference to say what is best in my system which includes Berning ZH270 OTL, CAT SL-1 pre and Merlin VSM-M speakers and my true reference, an Oracle, SME and Benz.
I really like the Bel Canto 1.1 DAC as it is very smooth and musical. I've had it over a year. To my ears it resolves the nuance of music quite well and it doesn't have any edge which is a big plus. I'm sure there are others I may like more but there are too many revolving doors in the ever changing world of digital technology.
I purchased an ART di/o. It may not "smoke" the super DACs stock as some have claimed but at its 131.00 price point from Full Compass it isn't bad, not nearly as good as the Bel-Canto. For the cost of mods it is indeed worth exploring further which I intend to do. Brian Cheney used this modded DAC to win best sound at the last CES.