After listening to modern day Sabre and AKM DACs, R2R DACs, and chip-based DACs of yesteryear, I am in awe of the chip-based DACs of yesteryear.
I have a Theta ProBASIC IIIA with a PCM1702 chip from yesteryear. I also have an AliExpress clone (yes a cheap clone) of an old Mark Levinson DAC with a PCM63 chip from yesteryear. Both of these are by far the most enjoyable and listenable DACs with my new B&W 804 D4 tower speakers.
I have also listened to ESS and AKM DACs on this system, and they are the least listenable. The timbre of vocals doesn’t sound right to me; the sound seems harsher and less organic; etc.
I have also listened to R2R DACs such as original Denafrips Pontus and HiFiMan Serenade with the Himalaya Pro DAC. These are better than ESS/AKM DACs in this system, but simply don’t measure up to chip-based DACs from yesteryear.
My absolute favorite in this system is the Theta ProBASIC IIIA followed by the AliExpress clone. All other DACs have been disconnected, returned or sold.
I would use the Theta and AliExpress clone forever if I could, but they don’t support DSD.
That brings me to the PS Audio PMG Signature and DirectStream DACs, which are FPGA-based systems. I’ve never listened to them, but before I decide to buy one, I would like to know how their sound compares to the chip-based DACs of yesteryear (PCM1702, PCM63, TDA1541, etc.).
P.S. I have the PS Audio Stellar Phono Preamp (Darren Myers) connected to a Sumiko Blackbird Low Output MC cartridge on a Pro-Ject Planar 9 turntable. The Stellar Phono Preamp is truly stellar in my system — so much so, in fact, that I’m judging the sound of my DACs against the sound of the Stellar Phono Preamp (in High Gain setting).