I've owned the Dacmagic and I own the MF v-link192 USB/SPDIF converter.
Given how the 192 transformed my Bifrost from very good to outstanding, my money would be on the V DAC.
MF seems to know what they are doing when it comes to most things related to digital music.
The Dacmagic I had (the first version) was just OK and it took a lot of tweaking to get it to sound anywhere near good.
Finally got rid of it and got the Bifrost and never looked back :-)
The latest Bifrost 4490 is amazing value, but the Schiit USB implementation is not as good as the v-link192.
Hope that helps