OK. Let's roll with that thinking. So if I have £100,000 to spend on a DAC, what am I looking for in the rest of the DAC?
It's all going to be in the engineering and build.. this is like comparing building a Toyota Corolla with a Mercedes Maybach .. both have roughly the same major systems, but how one is built and implemented (the features) are night and day.
Country of origin (manufacture of all components, not just final assembly)
Galvanic isolation
Power supply (number of them, and are they also well isolated)
Quality (and musicality) of the capacitors (especially those used in filtering during analogue stages)
Digital section completely isolated from analogue section
Chassis build quality.
and I'm sure I'm missing something ,but these are just some things I'd want in my "hi-fi" system from ANY components, even a DAC.