I would go for the one with power amp. I almost bought a D90 second hand, but asked the seller why he was reselling it. He was honest and told me that he disliked the sound and the interface. So i went for the Advance Paris Dx1 that he adviced me (it was on sale 380 euros).
Be careful because most of the chatter about D90 or things like the SMSL M400 is coming from peoples who :
- listen to sounds rather than to the music.
- Have trained ears and do listening sessions, some have treated rooms.
- Have very high end amplifier and loudspeakers, with the loudspeakers carefully positioned.
- Often do have incentives to make you buy stuff , such has getting free gear to keep a long time or comissions (this is the worst possible case) . At first i though that some youtubers were just people with a passion but the number of videos they produce indicate that it is a job. None is performing blind tests.
@Amir on some ASR testers are the only ones that actually work (running actual measurement) and provide objective data.
Most users will probably : either don't make a difference, or prefer just a random DAC, or they may actually make a difference (distinguishing who is who with a blind test and equalized level of volume) but without being sure which one they prefer.
Also i tend to believe that the chip used in the D90 produces aggresive , to detailled sound, but this is subjective and i never ran a blind test. I did A/B testing with the D50s and my old micromega mydac (you can now get a used one it for 50 euros). First i found the D50s to be more precise with faster transcient and more details; but after listening a long time my conclusion was that the D50 was "tiring" and too detailled and sharp. This is purely subjective.
The Ex5/D90 use a similar chip, the ES9038 - pro or not - and i do think that the cyrus logic they use in their new products (d30 pro) is more "analogical" and soft, but aware that this may be bullshit.
Also the interface on the D90 is super bad, two tactical buttons for up/down.
May be just buy it an resell it and get your the EX5.
Note that the filter and phase tuning of the ES chips are 100% worhtless, they on the chip so any device with it will offer it. The phase filter is not audible, the sound color is but most people end up using the neutral sound.
I think that i m gonna get this :
https://www.mav-audio.com/store/index.php/dac/tube-magic-dac-d1-5670.html
old fashioned interface, analogical in and old style volume control ... and it is way cheaper.