preamp vs. no-preamp

Hi guys, I would like to know your opinions regarding the classic question (which also has been posted many times in this forum, I know, I know) whether or not a preamp is needed for a good (= musical sound). You see, if you can delete the preamp and connect the DAC into the poweramp, you can save lots of money, sometimes up to $ 15,000 for a Conrad-Johnson ART (this is off course an extreme example). The money you have spent on the preamp can be used for buying a better source or amplifier (mono's?). So theoretically if you don't have a preamplifier you can improve the sound reproduction by: deleting redundant audio circuitry and interconnect cables, upgrading the quality of you source, poweramplifier or speakers.
My personal experience is that without a preamplifier the sound is becoming thin and uninvolving, but I know there are audiophiles who don't have a preamp in their audio system.