New R2R DAC

If you are handy with a soldering iron and not afraid to work on the chassis main board, get yourself a MHDT Orchid and modify it by replacing the standard 1541a chip with an S1 or S2, then change the two large output caps to a more expensive Mundorf or Jensen. My modded Orchid is very transparent, smooth with depth and dare I say 'analogish'. Granted this would cost you probably at least $500 or so but IMHO it's a lot better than spending thousands and thousands of dollars only to probably be disappointed. 

to desktopguy: I performed the mods myself. Requires obtaining a chip puller and removing existing chip and carefully inserting new chip. No soldering needed for this step. Removing existing large caps is an exercise in careful removal of existing large caps and soldering new ones in their place. S1 and S2 chips are available on line from e-bay account 'polida2008'. They've been in business for quite a while and seem to be honest

Forgot to mention that these have gone up in price. Recent check of prices seem to hover around $500 for an S1 chip....hopefully you may find one less expensive but make sure that S1 or S2 stamp is on the chip