Check out the Lampizator Golden Gate. Superb PCM and KILLER DSD up to 256.The impression you get with Computer Audio is that the innovators and early adopters in this arena are geeks and engineers who unfortunately spend more time with their computer than listening to real, live music. As a result, most of their recommended components seem to just extract detail but miss the musical whole.
Must Haves:
1. Kick A$$ on PCM
2. Musical naturalness, extract gorgeous tone colors from recording, detail resolution that doesn't take away from musical enjoyment - Individual musical parts must not stand out and get in the way of conveying the musical whole, great macrodynamics, great microdynamics, awesome bass, extract timing of the music from the recording, extended highs, musical transparency (vs. analytical transparency to sources)
3. Be able to turn those old ripped CD's from the 1980s I listened to in college from pathetic to musically engaging
4. Not necessarily sound "analog" in the audiophile way, but sound "analog" like real music
Nice to have: Kick A$$ on DSD (as there is very limited DSD content)
Thread nice to have: As you list your contenders, please let us know what you compared it with, in what system, and with what music
I hear that the Berk Ref is also excellent for PCM, as would be the Bricasti and LH DaVinci Dacs. For $$$, you could also consider the Trinity Dac.