Well, when I listen to different DACs, I listen to the high notes and see how bad the quantization of the sound is (i think that's the word).. Like, dithering for low color images, but for audio. For example, if I load my software synthesizer, and hit very high notes on a DAC, they sound distorted poorly, like screeching nails on a chalk board. A good DAC doesn't, and just tickles the ear with only a nice high sound.. (when i say high note, i mean, borderline of not audible to humans)..
What i "was" going to say, was a good DAC represents a waveform more accurately than a cheaper DAC.
For you Carl, I'd honestly not know how you'd tell.. Perhaps listen to a song with a sax and flute, and something deep like a cello, and hear how "well" they are presented?
(I mean, technically my MacPro has a better built in DAC than the EF2. My MacPro's DAC can do 24-bit 96KHz, and I've tested it to be fairly accurate, where the EF2 is only 16-bit 48KHz at max. I only use the EF2's DAC to not have ANY analog audio grounding problems, and since ALL of my music library is 16-bit 44KHz..)