I also think that
DACs are done deal and transparent must be accompanied with a few caveats.
Modern chips tend to pack much more than a plain vanilla DAC. The CS431xx family is a good example, but ESS DACs are probably as “sophisticated”.
My favorite example is the KTmicro range of super-cheap SoC’s: not sure if they are completely transparent, but they include DAC… USB bridge, DSP w/ PEQ, noise gate & limiter, adjustable gain, and a HP/IEM amp… All of this to be integrated in <$10 dongles and USB-C IEM cables by OEMs who appear to have no clue these features are even available to them—or choose to ignore them and let the default parameter settings.
I think there is an open void, besides Amir’s standard set of measurements (these shall remain!) to develop tests aimed at identifying these extra features and what they do (DeltaWave-based?).
@jkim did that for the CS431xx DRE, but what if an OEM decides to leverage the programmable filter of an ES9039Q2M to implement a weird sound “signature”… Would we detect this? How can we confidently say that the audiophiles reported differences are jut in their head?
It’s not about saying that “absolutely transparent” is the only correct answer, but more about understanding what is implemented in these DACs and why.