I'm currently using the headphone out on my Macbook Air to drive a set of AKG Q701 headphones. The AKGs are a step up from my Grado SR80is, but I'm pretty sure that improvements can be made and I think it's time to upgrade further. All of my music is lossless and I'm interested in buying a DAC/amp. My budget is around $400 - 500 (or 250-300 GBP).
I'm not sure whether I should get an integrated DAC/amp (such as the Arcam rPac, Fostex HP-A3 or Yulong D100 etc) or buy a separate DAC and amplifier (such as using the AudioQuest DragonFly to drive a Graham Slee Novo or a a Schiit Asgard). I'm currently leaning towards the Dragonfly/Novo combo as I hear that the Dac stage in the Dragonfly is particularly good (the headphone amp, less so) and the Novo can be purchased cheaply in kit form.
I'd love to hear any thoughts or suggestions.