Yes, that's a loaded question (and I'm hoping that the soon-to-be-released FiiO X3 will be the answer). Of course, it depends entirely on your definition of “competent.”
FWIW, here's mine:
1] Must play back FLAC files (at least with Rockbox installed)
2] Must have a LINE OUT jack (not just a headphone jack)
3] Must allow files to be transferred to and from the DAP by simple drag and drop of your files and/or folders (i.e. no need for iTunes or any other form of crap “music management” software)
4] Must not do any unwanted processing of the audio signal (i.e. EQing, etc.)
5] Should have expandable memory via SD or microSD cards
6] Should use a simple USB connector (rather than bing dependent on some foolish unique “dock” connector that requires me to buy specials cables, only to have them break on me)
7] Should sound half decent (seriously, 99% of what I've heard is only tolerable at best)
The closest I've been able to come to the above is a Gen 5.5, Gen 6, or Gen 7 iPod Classic with Rockbox installed. Yet even my Rockboxed iPods don't satisfy 5, 6, and 7.
Frankly, I'm sick and tired of dealing with the stupid dock connector as a line out. Even the high end connectors break eventually, and the internal dock jack inside the iPods always gets loose and within a year. The jack becomes wobbly and connection becomes intermittent. It's also a hassle connecting the damn thing to my PC. I'd love something that connects via basic USB, or better yet, with removable SD cards so I never have to bother with a connector at all.
Is there some DAP out there that I may have missed that satisfies more of the 7 factors on my want list?
Or should I just keep counting down the days until March when FiiO finally releases the X3? :)