Many DACs have various output analog stages just like preamps and those do bring the most of difference. Digital domain is pretty much standard and certainly less contributing to the SQ. Just like in preamps priced anywhere from few to gazilion DACs can be built differently by different designers with different materials and certainly different looks. To me $2500 is where should be the best DAC priced that is built from best materials and technologies with tube or solid state output stages. Also having all various types of digital inputs for multiple components.
Importance of a DAC's elements
Over the past week, I have devoted to myself to becoming knowledgeable about DACs -- and, having read literally hundreds of postings and articles, I am incredibly confused about the relative importance of the various elements of a DAC. Let me describe them as
1. Network streaming/rendering (i.e., providing, say, the stream from Tidal and delivering it to the DAC);
2. the DAC function itself (i.e., converting the digital data to an analog signal); and
3. the analog output (i.e., providing the analog signal to the preamp or power amplifier).
I have a decent handle on the relative merits of various engines (e.g., single-chip ESS devices, FPGAs, R2R ladders, ring, etc.) so I don't need feed back on that topic. However, let's take the "streamer/renderer". Is there any benefit from that function being a separate component versus being a board inside? What are the most important considerations in evaluating them? Currently, standalone streamer/renderers cost from under $2,000 to nearly $15,000. What do the higher priced units offer that the lower priced ones do not?
Also, I can appreciate that the analog output function of a DAC is extremely important in determining the quality of the outgoing analog signal. What makes one analog output better than another? What should I be looking for to ensure that this output doesn't undercut the quality of the conversion done by the DAC itself?
All insights will be appreciated.