Of all the components in a high-end audio system, IMO the DACs are the ones currently enjoying the most improvements.
Certainly, as time marches on, amps, preamps, speakers, etc. are improving, but IMO those technologies are pretty much "mature".
One thing I've come to appreciate is how much improvement a DAC exhibits with the quality of the AC power it's being fed. The more I learn about DACs, the more I appreciate how much the timing of the bits is important to the quality of the analog signal it outputs. I believe the better DACs will have better handling of the timing of those bits (more attention to the internal clock designs), and therefore produce better sound.
Certainly, as time marches on, amps, preamps, speakers, etc. are improving, but IMO those technologies are pretty much "mature".
One thing I've come to appreciate is how much improvement a DAC exhibits with the quality of the AC power it's being fed. The more I learn about DACs, the more I appreciate how much the timing of the bits is important to the quality of the analog signal it outputs. I believe the better DACs will have better handling of the timing of those bits (more attention to the internal clock designs), and therefore produce better sound.