Different types of chips, chip configurations, and most importantly output circuitry, can all influence the character and delivery of the sound. Overall quality of parts and design and overall topology all play a part. I can hear major differences with every dac in my house when swapping them out in my system (all well reviewed). And the very best one in terms of the realism and quality of stage depth, width, tonal character, clarity and accuracy happens to be the most expensive one (and it’s a $600 Chinese dac). a good system will still sound “good” with any cheap dac. But if you want to unfold dimensional and tonal potential for said system, a dac that’s designed with care (and passion) will do wonders and can even transform your system. Btw, Amir measured the Ares II as resulting in good measurements, but most modern r2r now also measure well (if that’s a concern).
To my ears, a well designed and engaging dac can set the paradigm for active listening (as opposed to “doing the dishes” passive listening).