I am late to the show on this subjective topic … but here is my 2-cents.
Best DAC in my system - Wyred4Sound 10th Anniversary DAC. Why … Best attributes are excellent micro and macro-dynamics, staging width and depth imaging, bass, treble, and most important- timbre. Very “analogue” even though I do not like that term but I will since all pro reviews used it. It is competitive to the best I have heard in all of these areas in a head to head comparison. It gives up a little in detail retrieval, staging and imaging, but not to a degree commensurate with the increased price of the best I have heard.
best I have heard in order of my preference…
Mola Mola Tambaqui. Why … best dense imaging, space between images, and staging width and depth. Uncanny three dimensional presentation while excellent in all other SQ attributes.
Bricasti M1S2. Why … best timbre while excellent in all other SQ attributes.
DCS Bartok Appex. Why … excellent in all SQ attributes and like the Tambaqui three dimensional but less dense images and more laid back presentation not to my personal preference. Fans of a more laid back presentation (you Denafrips fans), this is the DAC for you if you have the means. Not my cup of tea. But I respect it highly.
So I am trying to save my pennies for a Tambaqui. Until then, the 10th lets me go to musical induced euphoria.