Read through 90% of the replies and maybe because they're old? They are not allowing for you too view an entire scope of why someone would pay $12,000 (USD) for an Antelope or even more for a DCS DAC.
DAC's can be as simple to understand like the various amplifiers offered in the audio world. But there are any at various price points that off more or less options needed in a studio or home. I'll try to explain with my 20 years of experience with studio and audiophile DACs and why some cost more, and some cost the same, but offer the same as the less expensive DACS.
Before Philips and Sony manufactured their they each wanted their own signature sound for their CD players in the 80's. Both companies were in a royalty partnership for the software of CD Players--CD's. Anytime a CD was sold it had that famous looking CD logo on it and Philps and Sony pulled royalties not only off the machines, but every CD sold. To make sure they weren't sending cloned machines out they (Phillips/Sony) created their own DAC chips to put in the early machines to help separate the machinery.
There's some great sites that deal the history of this and a book called "Perfect Sound Forever" which is a fun read about the history of the music business when CD players broke out. Has some simple science behind some points, and the book just really wants you to hit Goodwill to look for some of the older CD players to see how their sound reproduced.
Anyway, I won't write a book on the subject no matter how much it fascinates me. The people at Dutch Audio Classic have an incredible archive of info based on the early DAC chips (esp the TDA1541) Philips made and a list of every model that utilized them. I'm no expect, but I learned so much about what I needed in a DAC and why most delta sigma DACs are what gave digital audio it's bad reputation. I'll I'd owned was delta DACs and some sounded good, not even close to what my analog set-up could kick out. Around 2006 I was given a Marantz CD7 along with an amp, speakers and accessories for no other reason that the friend of mine was moving overseas and knew I'd give it back to him when/if he came back. I was not overly excited about it, as I already had a nice new Oppo 83SE and figured I could sell the Marantz CD7. In 2013 my Oppo went out. I decided to use the Marantz CD7 until I decided on a new digital machine. Put in an early Japanese CD release of Floyd's DSOTM. Went to work at my desk and after a few minutes I stopped what I was doing and put in MFSL version of XTC's "Skylarking" and I was sure it sounded better than any SACD/DVD-A/DAD I had sitting around my house. Did some research on the player I seemed to own now and found a small group of audiophiles who knew the secret of the TDA1541A and mine the TDA 1541A Double Crown S2. Since knowing what I had I saw the CD7 now sells for between $550 and now I just did a search on HiFi Shark one in Canada sold for $2400. I read a couple posts in HiFi forums of people finding one in Goodwill and one in a Garage Sale--both for under $20. The Magnavox version is the cheapest, but supposedly still sounds incredible. I keep an eye for those now.
Well...I've written a book it looks like. Anyway, do yourself a favor and learn about this chip and this era of digital audio. Check out how some of the most high end DAC's use their own cloned version of these multi-bit DACS.
So my suggestion to you is mosey over to Schiit as they are now seeing the light and taking a risk by offering old technology with their own version of a resister ladder DAC. The reviews are solid for the Schiit Modi 2 Multibit at only $249. I've owned the BiFrost when it first came out--just a plane Jane one. But Schiit does offer their version of a multi-bit DAC at around $650, I think? But the Modi 2 seems like a great deal. Call them up and ask--they're super transparent and don't BS. http://schiit.com/products/modi-2.
Here's a link to all the crap I just wrote about. If this stuff interests you...Be careful...you can spend hours reading about how and why old technology was superior to what is the most common these days. That's not even including Lambizator's website which has some of the best articles on the subject. Now I'm on the lookout for any old CD player made by Phillips but badged by Marantz, Magnavox, and more.
http://www.dutchaudioclassics.nl/Philips-TDA1541/
Moral of this---Don't waste any money on 24/192 or DSD DAC when you can get something even better based on old technology.