+1 on this. The only cheap alternative i can think of available is the minidsp 2x4hd but it doesn't perform great.If you are taking requests, a DAC with built in user programmable DSP/PEQ would be great. RME ADI-2 DAC seems to be your only competition in that space. I just ordered the RME. If only there had been a cheaper option with equal or greater DAC performance with equal or greater EQ options (hopefully more than 5 band PEQ, ideally custom bi-quad input also). While you're at it, an HDMI audio extractor built in would be useful to many and set you apart from any other DAC I'm aware of.
A 5.1 or 7.1 hdmi audio extractor would be great. Something that enables using our own dac instead of built in on the blu ray players.