tomthiel,
I can't say that I have done extensive preamp comparisons, but I have had a PS Audio Stellar Gain Cell DAC in my system for the last 6 months, and I like it a lot. The Gain Cell DAC/Pre replaced a Bryston .5B preamp I had used for many decades. At the same time I replaced the preamp, I also replaced my Adcom 555-II power amp with the Stellar M700 monoblocks. Most of my listening has been with both the Stellar DAC/Pre and the M700s in the system, but I did briefly listen to the DAC/Pre feeding the Adcom amp and driving my Thiel 2.2 speakers. Replacing the Bryston preamp with the Stellar gave me sound that was much more open and dynamic than what the Bryston had been providing. Some of this effect may have been due to the DAC in the Stellar unit since I had been previously using a Parasound Z-DAC to feed the Bryston pre for either streaming or CDs.
Ignoring my unsystematic attempt to judge the effect of the Stellar DAC/Pre on its own, I can say that the "Stellar stack" as a system provides a much more alive and real sonic picture than my old gear. I have read some reviews that have described some "tube-like" characteristics coming from the Stellar gear. I don't have much experience with modern tube gear, but the Stellar components do not have a colored tube sound that some listeners enjoy. To me, the Stellar gear sounds neutral and musical. It provides good detail and transparency without being overly bright or fatiguing. I've also enjoyed the enhancement in bass impact and control, although I can't really separate out the effects of the preamp from the monoblocks. In listening to several different interconnects (both single-ended and balanced) between the Stellar DAC/Pre and M700 amps, I've found the Stellar gear to be very revealing of differences between interconnects. As an older guy who has grown tired of walking across the room just to adjust the preamp volume, I absolutely love having a remote control unit with the Stellar DAC/Pre.
As far as the issue of the Gain Cell DAC/Pre being an affordable choice, I purchased the DAC/Pre directly from PS Audio as part of a system that also included the M700 monoblocks. The system price from the factory is $3999 as listed on the PS Audio website, but they allow a discount of up to $1200 for any gear traded in on that package. They actually credit you with the original new retail price of the gear you are trading in - not just the current used price of the gear. So I was able to trade in an old Denon CD player and get the "Stellar stack" of DAC/Pre and M700s for under $2799, which is an incredible bargain IMO. Buying the DAC/Pre alone is listed as $1699 at regular price, with a trade-in allowance of up to $510, so you can get the DAC/Pre for under $1200 from PS if you have something you want to trade in. As ronkent indicated, though, some current dealers may offer even lower prices given the upcoming elimination of the PS dealer network.
