My current DAC has been around longer than any digital piece I have ever owned. Its an Audio Magic Kukama. This unit used Burr Brown PCM 1704 chips, which are a multi-bit design, not a bit-streamer. Also uses a fully discrete output stage, which contributes to its superb sound. The output stage kicks out a full 4-volts, so it can be used with a passive line stage if needed. Also, this DAC has the latest set of upgrades installed in it, and to the best of my knowledge only the designer and I have these options. Henry Lamb is a neat guy who knows, digital, and I love what he has done with this unit. Unfortunately the Texas Instrument test boards that this unit is built on have become unavailable. So there may no longer be any Kukama DAC's made.
It's a plain looking unit, but man does it sound good. I have owned some decent digital gear, but nothing has made me want to upgrade from the Kukama. My previous piece were the Proceed DAC/Transport, Sonic Frontiers SFCD-1, Sony SCD-777ES with TRL mods, and Sony SCD-595 with TRL mods.
Regards
Mister Pig