Pulled the trigger on the MF V-DAC!
I reviewed a DACMagic and V-DAC side by side at the dealership with my old man, and it wasn't a hard decision at all - the V-DAC sounded superior to both of us. What was immediately obvious was that the V-DAC was a quieter unit, with a blacker background, and an inherent musicality that we felt the DACMagic lacked (a bit like the CA 840C). So I bought it.
It's been burning-in for about 5 days non-stop so far, and I've done a couple of A-B comparisons (using a Cambridge Audio 640C's built-in DAC for comparison). The V-DAC is not the last word in soundstage, but my word, how it handles large-scale, multi-layered music! The 640C is great for a budget CDP, but isn't as good as seperating vocals from the rest of the orchestra/band; in that respect the V-DAC is very satisfying.
Buying the V-DAC makes me want to get better headphones.

I'm very, very happy with it.