I obviously like the E-MU 0404 USB, but probably a bit more from the value standpoint rather than absolute quality. I wouldn't doubt for a second that I'd prefer the DAC-1 USB, but when street prices for the E-MU delivered are only $175 versus the DAC-1 at $1300.......geez, that's $1125 difference to spend on CD's, cans, headamps, etc. etc.
In my case, I also bought a Marantz SA8001 so I can enjoy SACD's.....the following is from the recent Stereophile review:
"To my ears, the SA8001 (in "Red Book" mode) was every bit the equal of the Benchmark DAC-1 (using the SA8001 as a transport)—which, last time I looked, was still in Class A of Stereophile's "Recommended Components." And the SA8001 player has some advantages over the DAC-1: the Benchmark doesn't have a transport and can't do SACDs."
And I paid only $560 for a 3 week old SA8001. The total cost to me for the new E-MU and the nearly-new SA8001 was $732, and I've not yet seen a used DAC-1 USB go for anywhere near that little. To me, I'm much happier having the capability of CD and SACD and PC-based listening....and I attained that at $570 or so less than the cost of a new DAC-1 USB.
There is enough difference between all of these devices that there is room for personal preference, both in how the device performs on an absolute basis, and how it performs on the type of music you listen to most. If one listens to a lot of edgy/hot mastered material, then maybe a Monica would indeed suit your tastes better than a DAC-1.
You should always buy what your own ear tells you is good, not for what people you don't know vote for....at least if you are serious about enjoying music more than impressing others!