To me, it would be absolutely amazing to see a high-quality DIY dap that has a SQ better than the standard Ipod
Amplifiers and Daps are two very different animals. I really wouldn't be surprised if we had some talented ECE people here who could pull this off.
With the cost of flash technology, you could easily stick a 4-8gb card in the player.
Big issues would still be on our(the DIyer side) Without a knowledge of how it actually works(those processors are much more complicated than an 8 socket opamp) one tiny mistake could cause huge amounts of frustration!
Heres a current offering, albeit not quite audiophile quality:
http://www.techdesign.be/projects/020/020.htm
EDIT: more:
http://www.teuthis.com/html/kits.html
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Team AKG
Team College
Dorm Rig: X-Fi Elite Pro(modded) bitperfect out to--> DIY Maxed Pimeta w/ TREAD/ SOHA-->AKG K501(recabled)
Onkyo c390(thanks asr!)/Modded Sony SCD-595-->5687 Tube Preamp --> Firstwatt F2 clone-->Tekton Design 4.1's
Portable: AlienDAC--> Cmoy-->ETY ER4-S