What should I do - PS Audio DAC with or without Preamp

I guess, bottomline is that a good preamp is the way to go.

👍😊 For most every system this is true. The preamp is the heart and soul of a system.

Most, but not all D2C brands will cost 50-80% less than their "traditional retail" equivalents because they do not have to have added margins for distributors and retailers. PS Audio is slightly different in that when they went D2C in the US, they did not change their pricing.

Agree that a good preamp will do wonders. While the DAC may have a decent volume control and analog stage, it likely cannot parallel the sonics of a quality, dedicated preamp. Most DAC volume controls are digital in nature and their analog gain stages are an afterthought and do not deliver optimal gain and harmonics, all while offering a low noise floor. One of these three are typically sacrificed.

The only DACs with built in preamp I have ever loved are the T+A SDV 3109 HV (but hey, that’s $38,900) and the T+A DAC 200, which has a quality equivalent of a $3K preamp built into it. I’m sure if you get into DACs $15K+, then their volume control / preamp sections will be better. 

Oh, and I did own the PS Audio DirectStream DAC MKI - heavily modified with upgraded Edcor transformers, Farad Super3 linear power supply, etc. Owned it for many years, and I always always always preferred it with a separate preamp.