Some of the DACs I've had the pleasure of listening to in the past few years are:
Sonic Studios Model 4/Metric Halo ULN-8
EMM Labs DAC2
Bladelius USB DAC
APL Denon 3910 (as a DAC)
Prism Sound Orpheius
Resolution Audio Cantata
These are ALL excellent sounding DACs, very musical and non-digital sounding - any of which I could live with. But the one DAC that I consider to be "The Best" of the lot is the APL NWO-M... by far! The realism of the music that I heard with very familiar tracks was stunning through the NWO-M. Very 3-dimensional sounding. That DAC belongs to a friend and I own the APL Denon 3910, which I am also very happy with.
The Sonic Studio Model 4 was also very nice sounding and very similar sounding to the Resolution Audio Cantata (in the system I listened to it in). It was very resolving, yet not digital sounding (not harsh).
The other notable DACs on the list that are standout performers are the Weiss DACs and the Bladelius DACs. Bladelius is really doing some amazing things and I'll be doing some comparisons with my DAC and the Bladelius Embla very soon.