Comment for Andrew Everard:
Come on Andrew, give us more thoughts on DACs. You should know more than most of us. I have followed your career since your days as Hifi reviewer for Gramophone magazine.
I need a streamer DAC to connect directly to a Quad Artera power amp and Monitor Audio Gold 200 speakers for a minimalist system. I am waiting for the Audiolab 8300N to be released in summer 2016 because I already have an Audiolab Q-DAC which sounds good in this system, as does a Novafielity X40 - all these use ESS Sabre DACs. However they do sound a little bright with the ribbon tweeters. I also have a Naim Superuniti with a Burr Brown DAC in a separate system.
Recently, as a temporary 'fix', I bought a Yamaha CDN301 from RicherSounds for £195 (used via an old Quad 77 amp for volume control - bought many years ago after reading Andrew Everard's review). I have to say that I am amazed to find that this low cost CD/streamer sounds excellent in my system and does have a less bright treble even with ribbon tweeters. The Yamaha uses a Burr Brown DAC (not the top of the range Burr Brown DAC - which can be found in the Arcam CDS27) and this does give a richer, warmer sound with more texture in midband instruments and voices but perhaps missing the 3D solidity of instruments that is the best feature of the ESS sabre DACs. I am going to find it hard to decide which I prefer when I upgrade.
So, on the basis of many months listening to ESS sabre DACs and Burr Brown DACs, I would say the ESS is cool, analytical, finely etched and three dimenional. The Burr Brown is warm, with a more rich texture in instruments but less three dimensional. I am struggling to say which is best. It is a matter of personal choice (and that is very difficult).