Need a DAC recommendation

Funny, I would recommend a several much older DACs that have great analog performance, quality power supplies but not the "latest and (supposedly) greatest" chipsets.

My experience with most of these mid price latest/greatest chipsets is that sure, they up the bit rate, but in the end don't sound as good!

My recommendations would be a CAL (California Audio Labs) Alpha tubed DAC (preferably, since you care, the 24/96 version). These are typically around $500, but usually sell almost instantly when they do list.

Another strong recommendation would be the Kora Hermes (which does upsample) and is also a tubed DAC. This may be just above your price range, but will kill (based on those I have listened to) of the current 7 pound latest chipset dacs.

I have had some great DACs, including DCS, EMM Labs, Esoteric and others. I can tell you that these are great dacs even running at 16/44 absolutely kill these latest/greatest DACs (running 24/192 etc.). Remember, at some point the DAC needs to send an analog signal. Doing this well requires a good analog circuit design and componentry (HQ parts) and a good power supply (like in a preamp). Good power supplies cost money and have good weight to them. The best chipset in the world can't make up for a bad power supply and analog circuitry (take a look at all the HT Receivers with super high "bit rate" upsampling). They still sound like crap.

My point, you can go for super high bit rates, but this won't guarantee (or frequently deliver) better performance if the other issues (which are just as important) are not addressed.

I would not pick a DAC based on tubes or SS, but just on sound. Can a tubed DAC add warmth? Sure. Do they all? No. Take a look at the Audio Aero equipment (I had the Capitole a while back), it has subminiature tubes and imparts a high degree of warmth and bloom while many others do not, the MF Trivista, which also used subminiature tubes (I currently own this DAC, but its just sitting unused) is not what I would call warm or bloomy.

I understand the wanting for the high bit rate chipsets. But let's all be honest with each other, the costs of the chipsets is astronomically cheap (you see 24/192 bit rates in sub $100 equipment). Which goes to show what you are really paying for with a DAC. If the chipsets were the leading component that determined performance, 90% of the HT receivers would be outperforming the best DACs of just a few years ago. But we all know this isn't the case.

Don't get me wrong, I am not saying that the newer chipsets can't improve the performance of a component. But what I am saying is that a DAC with a "great" new chipset, but with a mediocre analog circuitry and power supply will not outperform a DAC with an older, lower sampling rate DAC with a very good analog set-up and power supply.

Take a great older model DAC (great analog and PS) and update the chipset and yes, I think it can improve based on the chip (new technology, capabilities, etc. . . ) but it can only increase up to the capabilities of its weekest links. Just like in a system. You can have a great turntable but a lousy amp and speakers and your system will no show what the table is capable of - same with a DAC with great/new chipset and lousy PS and Analog section.