which bang for the buck DAC?

There seems to be a big follwing with the Bencmark, but an used bechmark usb would set me back 1000 bucks. Tough decision.

That is because it is good value even at that price. You get a great headphone amp as well as a solid preamp. The Benchmark is of a precise nature rather than some warmer flavors that are available, however, perhaps the biggest advantage of the Benchmark is its reputation for jitter immunity - practically speaking (if you believe all the claims and reviews) it means you no longer have to worry too much about the source quality or cabling to the DAC (so it removes unknowns - just plug and play - no worries). The biggest drawback is perhaps the precise sound which some people really don't like (I suspect they prefer a more organic, rich and less detailed sound that can really help make a bad recording sound its best and less like a recording).

Benchmark "precise" which is fair enough, although "lean" might be more usefully descriptive

I agree. Good point.

I've compared the Benchmark to the Apogee Mini-DAC head-to-head. The Benchmark was extraordinary, so detailed it was the musical equivalent of watching bodybuilders ripped for competition.

That is "lean" indeed! FWIW - a DAC needs to integrate with the speakers.

JeanLuc,

What kind of midrange do your speakers have? Is there a dip in the midrange - especially important to check off axis reponse? If there is then you might not appreciate a lean sounding DAC like the Benchmark, as it will just recess lower mids further making the presentation all articulation - all bones and no meat so to speak.

I am using Dynaudio S3.4

That speaker has a fairly flat response. It will probably work with the Benchmark DAC1 without sounding too "etched" or articulate. If you check the reviews on the Benchmark everyone says it is lean sounding particuarly in the lower midrange (even Benchmark states this in the manual). IMHO, this means it won't work well with a speaker that is already tending to recess the mids (lean = Louis Prima's Virginia Ham but lean + lean = anorexic). The dynaudios do not have a midrange scoop and their esotar tweeter is crossed over aggressively low (at 2 KHz) so you should get plenty of forward midrange sound - so you should be OK. (Of course, just return it within 30 days if you don't like the sound - this relatively cheap DAC is available from virtually any guitar or music store or anywhere they sell recording gear)