Tell me about DACs
How do DACs that vary so much in price make a difference when placed between the same input/output?
I'd like to understand a little about the job they do, the components they comprise of and why the differ so largely in cost.
For example, does an expensive DAC improve sound quality over a cheaper DAC by a large margin? Does a more expensive DAC use superior components?
In a simple system of digital source, DAC, integrated amplifier and passive speakers how would you rank the order of importance on each separate on the resultant sound quality?