DAC experiences?

Over the past several years we have compared many high-end DAC's including the Dave, Terminators, Holo Audio, PS Audio Mk1 and Mk2.  In stock form the PS Audio MK1 and MK2 did not have the resolution to keep up with the top dogs however with the proper audio transformers and power supply mods We all feel there is nothing out there that will touch the overall sound quality and realism of the modified MK1 and MK2 including the new PS Audio PMG DAC which is having a rough start with lots of issues. We thought the new PMG DAC was very tubby sounding and just did not have that same musical realness the older series has.  The designer of the original two versions, Ted Smith was not involved in the new series and feel this has a lot to do with the inferior sound quality.

I don’t have experience with the other two, but I preferred several cheaper “Chi-Fi” DACs to the Chord Qutest. These days I put my money into speakers and speaker drivers where it really counts. I chuckle when I see a guy investing $4K+ into a DAC when his speakers are equipped with $100/each drivers. It’s akin to putting 93 octane fuel into a minivan with all season tires. 
 

Yes... Your other gear needs to be up to par to even hear how much better top end  DAC's can sound however worth every penny when you do and find a top end DAC that you like.

One can purchase a fully modified and restored Directstream MK1 "Signature Series PLUS" DAC with a full year warranty for under $3400 shipped.

You can also have the Directstream MK2 fully modified for less than $1500.

Not bad for a top notch DAC of this caliber.

I think the new PMG series DAC retails for $8500.

I agree with JK.  I see a lot of DAC purchases that are disproportionate to the other components in the chain.   The rest of the system has to be able to show off any great source component or it's a waste.  

I also see a lot of lateral moves.    With DACs if the difference isn't immediately noticeable and a marked improvement you are wasting your money.  

I’m a Chord fan for the quality, the value, and the sound though the Qutest and Hugo 2 i have certainly have a distinct signature sound. I do have to look up the manual every time i want to make an adjustment as the pretty, colored buttons are fully non-intuitive. Would love to try a Dave or add an M-scaler for fun but they come at steep premiums. Looking for a more musical fit to my DeVore O/96’s, my dealer recommended the Sugden Masterclass DAC and i couldn’t be more impressed. It simply gets out of the way. Not flashy, no DSD, just lovely musicality.