You've described everything pretty accurately, but the 2/5 rating is grossly understated.
Take all the things you listed and compare them to the prices of individual units (that cover your needs) or other all-in-one combines. You'll see that you need to increase your budget by 2.5-4 times.
So I totally agree with your impression, but considering the price of the RAW-HA1, it's at least a 4/5.
P.S. SMSL, for some reason unknown to me, uses a Type-C connector that is non-sprung and “split” (i.e. the screen is not one piece). Also the quality of this connector leaves much to be desired. Bend the connector blades between the housing and the connector itself by 0.2mm and my problem with this is solved (I have a not cheap cable YYTCG Hifi DAC A-C Alpha 6N OCC 3m), if I do not use the complete SMSL cable. This is also true for the SU-1 units and for the PS200, same problem there.
You do everything at your own risk, I am not responsible!
