I finally decided against buying the DAC in post #1 of this thread.
Instead, I went the pseudo-Audio Note route. I know that Justin, Kedar, and Adam don't like Audio Note, but Fikus does!
On eBay I bought (from China) a board that is supposedly a knock-off of an Audio Note design. Fikus bought a DAC board (a long time ago) from the same vendor and liked it, so I figured it was a reasonable gamble. It uses the same ladder DAC chip as Audio Note does (AD1865), and the same topology. The seller stated in his ad that the audio transformers were salvaged. They don't look like much, but what can you expect for US $148? It goes up to 192kHz, and, like Audio Note, is non-oversampling.
I bought a chassis on eBay as well, from China. It had all of the holes and connectors needed for a preamp; the only thing missing was a hole for a fuse holder. It was very reasonably-priced at US$66 (but a lot more after I paid shipping and brokerage fees). I'm not crazy about the RCA connectors supplied, so I'm using better connectors, which I already had.
The vendor does sell the custom transformer required, but on a diy forum a member stated that you should not buy transformers from China, as when they fail they do so in spectacular fashion. A single American-made custom transformer would have cost me well over $300, so instead I used three transformers that cost under $100 total. The ironic thing is that they were all made in China after all, but are all UL listed.
The unit has four inputs, one transformer-coupled and three capacitor-coupled; I wired up one of each, using reasonably-priced ($12/meter) Furutech digital cable. Switching between the two is electronic. After a short comparison I decided to stick with the capacitor-coupled input for a while; It seemed better, but I can't be sure. I'll go back later to the other, and listen some more.
The attached picture shows my build.
I like it....VERY MUCH! It is very much better, top to bottom, than the Audiolab MDAC I had, and the DAC section of my Marantz CD recorder. This is, of course, in combination with my Gustard U12 USB/SPDIF converter. Darn, now I'm thinking I should upgrade my digital cable from Cardas Lightning to MIT Digital Reference. I heard the difference before when I had both cables; sold them after I sold my CAL Labs DAC seven years ago.
The resolution of this DAC is amazing. Bass is deeper and more solid; there is a better bass foundation. I hear instrumental lines I never heard before. Resolution on the guitar intro to one specific song is astounding. My wife mentioned how impressed she was with the unit, that it was one of the two or three things she's heard over the years in my system that were outstanding.
I do hear a bit of harshness at the top end, but I expect that this will go away after the capacitors have burned in. At a later date I plan to upgrade the output caps and the power supply electrolytic caps.
All told, it cost me about US$500.
Note on the layout: it's not ideal as the transformers are close to the board; but I could always install a shield down the middle. I laid it out this way so the output section is far from the transformers, which take up a lot of real estate. I have not heard any hum or noise.