The vendor also offers another DAC based on the CS4397, which comes with PSU but no transformer. Lukasz Fikus (the lampizator guy) talks quite a bit about both of these, plus I read what seemed like the worlds longest thread on DIY Audio about these two DACS.
My Marantz already has the CS4398, so I thought I'd give the CS4397 a try. It was about $50 including shipping. I want to try it as-is, and then with either transformer coupling via Lundahl LL7902s, or maybe do a lampizator-esque tube stage.
I only got the thing mounted up on a breadboard with a little power transformer recently, and have minimal listening in at this time. I've got to say that it's pretty nice sounding as-is; shocking considering how cheap it is. I even rolled in a couple different op-amps, and it sounds best so far as it arrived.
I'll post up some detailed impressions later, but so far it's certainly a fair bargain. The soundstage feels somewhat intimate {ie, it's not as open/wide a soundstage as the Marantz(CS4398) or Ally DAC(pcm1793) has}, but the detail and clarity is excellent. A lot nicer than your average CD player.
Of course there is a lot more to a DAC and it's sound than the chip itself, but this guy's CS4397 DAC is so far and awesome platform to start from. You could hack this into a $50 player and it would be a pretty sweet source for $100.