DAC direct vs pre-amp - your opinions please!

[edorr]

If these issues are properly addressed and the digital volume control uses 32 bit or 64 bit floating point precision with dither, I don't see how any analog pre-amp could offer any performance gain.

I did not see it either until I tried one that did. I am not alone in this experience. PS audio's Paul McGowan was solidly in your camp until he tried a tube preamp that improved SQ in his system and he changed his mind (while not being able to explain why the preamp sounds better on technical grounds).