wouldn't it make sense to have it paired with the standalone Atom headphone amp?
Yes, thats pretty much the setup I run, with my point being that the Atom Amps lowest gain setting is 1x, and the analog volume control doesn't allow for the last ~10% or so of the adjustment range to be used due to channel imbalance.
Now that's normal and ok at the 99$ price point, but with my HiFiMAN HE-35X (19 Ohms, 98dB/mW sensitivity) that makes volume control for the DAC essential (given full 2V nominal RCA output level and not using Windows volume control). I use my E30 at -12dB, wich gives me a reasonable adjustment range for both headphones and active speakers (preamp out of the Atom Amp).
Now that might be very different for some people, and I want to make very clear that I'm not complaining about the performance, in that regard it's absolutely fine and on par with the competition.
But I would still think that's some great value in a modular & discrete package
Agreed. It's amazing how far the budget category has come in the last couple years.
If this DAC released together with the Amp, it would have been amazing.