I owned the MagicDAC Plus...it's a very nice DAC IMHO. The Asynch USB-2 improves the sound dramatically IMHO. As a headphone amp, it's not bad. I really didn't use it too much, as I do mostly balanced headphone rigs these days and had better alternatives. The volume pot seemed to be a digital pot to me, which also makes it useable as digital preamp with active monitors. I played around with this a little and found it did a very nice job.
I think it's one of the great values out there in a DAC. The only reason I got rid of mine is that I'm buying a Wadia 121.
I have ZERO experience with any of the Yulong products, thought a lot of folks speak pretty highly of them. I get a bit goosey about dealing with Chinese companies directly, as the hassles in the event that service is ever needed to me outweigh the pricing benefits....but that's just me. I have a strong - perhaps irrational - bias for dealing with companies where I can (if needed) pick up the phone and speak to someone relatively local about my issues, and not have to be concerned about international shipping. To me, that makes all the difference...but again, that's just me.