If one defines a DAC as a pice of hifi kit sitting on your shelf, then I beg to differ. That is not my own experience and I struggle with the idea that across a range of prices from say £1000 to £50 000 all DACs sound the same. That's an entire industry almost built on quicksand, even after you allow for hype and marketing !
I do, however, accept that all modern DAC chips might well measure the same, but that is not how I interpreted this response
@watchnerd, they can be viewed as a necessary evil, if i can put it like that
I think the law of diminishing returns probably kicks in at around $100 for DACs. As you go up the scale you should expect them to measure better (though you might be disappointed on that one) but in general the differences in sound signature are in no way commensurate with the escalation of prices and provided they're well designed the cheaper DACs from Topping, SMSL etc sound as near as makes no difference to anything you'll find provided you don't purposefully buy a design which has induced euphonic distortion.
That is not to say however that they're all built the same, or they all measure the same, or that their headphone stages are the same (if they have one) etc. The products of companies like RME and Benchmark tend to be beautifully made, measure superbly (even if the benefits of that great technical performance are basically inaudible) and often have superb headphone outputs (although, in all honesty you can buy a superb headphone amp for less than $200 which will be more than sufficient for anybody IMO in terms of sound quality). Although products like RME and Benchmark aren't cheap they are a quality product with a pleasure of ownership, however if talking proper high end hi-fi they're not particularly expensive. Above those price points I can't even see the prices are justified by build and technical (measured) performance and it all just becomes snake oil IMO.