Thanks for the great feedback.
I owned the AHB2 and loved it though it was not powerful enough for my then hard to drive speakers. One of the reasons I am so happy with the CODA #16 is that it has a very clean sound on top, almost as good as the AHB2 on top, but with massive grunt. The lower end KRELL that I owned is similar in some ways, such as the bass, but the top end is even smoother.
I also owned the top Topping DAC and it was not that great.
My prior best DAC was the Lumin X1, I did a side-by-side comparison of the latest model Yggi+ LIM with the Lumin X1 and preferred the top end of the Yggi+ a bit more. It was rather evident when I used my RAAL SR1a earphones, the most revealing gear I own.
The streamer section of the X1 is something I miss, especially with the Leedh volume control, which works on even the SPDIF output. I used that with a modded Peachtree GAN1 "amp". The X1 is a great streamer, and it natively supports fibre optic too.
I guess the answer to my question about DAC vs amp is that it depends on the gear. It is a bit cheaper for me to get the KRELL i400 (with CODA #16 trade-in) vs the PBD DAC.
BTW - The MA3 was created by Ed Mietner's company. Ed was a partner or protégé of Andreas Koch from PBD. One of the reasons I am high on the DAC upgrade is that these guys likely know more about DACs than most companies. Bartok, Schitt, Rockna are other companies that I think are DAC pioneers.