What does your DAC sound like

More important than topology is how that topology is implemented. Yes, some chip dacs can be bright, analytical, others can be relaxed, very analog like sound, I have both R2R and Sabre chip dac at the moment, both very analog like, timbre and timing very much like my vinyl setup. And its not just the dac, same dac can sound very different depending on entire audio system which includes room, ac, and entire streaming setup. For streaming setups timing is critical, the same dac can sound digital or very analog like depending on clocking implemented in network, streamers and/or DDC

Playback Design Dream Dac..all day long.....for sure !!!

Confused about your price range since you mentioned the MU2 ($18K) but then you said $5K.

Re: DACs, I liked the Mearson DAC1 Mk2 quite a bit for its smooth musicality but liked my Mojo Audio Mystique X SE better, and also liked the Mojo better than the Tambaqui.  Still have the Mojo DAC but also an Aries Cerat Helene, which I like even better.  However, at that level, the incremental improvements seem to get smaller. I would still like to hear:

• Plaback Designs Dream DAC
• Grimm MU2
• Totaldac D-1 Bi-Unity
• Meitner MA3i
• EMM Labs DA2 V2
• Aries Cerat Kassandra

Some of those have an integrated preamp, but may still be above your price range. If your price is around $5K, consider a Mojo Audio Y DAC.

The one that blew me away recently, given the price, was an old Monarchy 22B with BB PCM-63 DAC chips, for which I paid $350.  Tonally in line with the naturally organic sounding Mojo Audio and Aries Cerat DACs along some of the best bass I have heard from a DAC. A bit less refined than the Mojo and AC DACs but, otherwise, very listenable. I am considering having it upgraded.

I have an MSB Discrete DAC with a Premier Power Base, with Revelation Audio umbilicals.  I can't really say what the DAC sounds like, other than to say that I like it and the improvement in my system from the MSB Analog DAC that it replaced, which was also great.  What I can say specifically is that the volume control on the DAC is about equivalent to the ARC LS28SE preamp.  After running the DAC direct to the amp using its built in volume control, I put the LS28SE in and honestly couldn't tell the difference.  No improvement.  But when I put in the ARC REF6, it was a big step forward, and that is my current set up.