@Promee I see the Qutest in your list of DAC tagged.
How is the Qutest vs. Dayzee? I want to upgrade my DAC and the Qutest is one of my top choices.
Sorry for the delayed response! If you search on Head-Fi, you'll see I actually did a detailed comparison of them, also including the Topping E70 Velvet and Denafrips Ares 12th. I stand by them as written - in terms of pure sound quality out of the box, I think the Qutest wins.
I think this is because I am a sucker for timbre, and the Dayzee uses a minimum phase filter when playing back PCM, so it is lively with transients and leading edges of notes, but it loses a little detail and refinement versus the Qutest when playing PCM. If you are more into macrodynamics and slam, the Dayzee might be your better choice. Also, in terms of convenience, there is no contest with the range of outputs of the Dayzee if you want to listen with a friend on another amp.
With that being said, I have been using HQPlayer recently, and the Dayzee is incredibly well-suited for use with it. Geno confirmed that it uses the DSD Direct feature of the AK4499EQ. This means that the DAC skips oversampling and goes straight to D -> A conversion. This means no minimum-phase filter, I can use whatever filter I want in HQPlayer and convert to DSD for output, and the DAC basically leaves it alone, just makes it into analog. So you get all the advantage of the excellent op amps and overall design and convenience without the disadvantage of using my less-preferred PCM filter.
So, now that I'm using HQPlayer, the Dayzee is my favorite DAC, and the Ares 12th + Iris 12th is runner up, with Qutest coming in third. They all sound better with HQPlayer correctly configured than they do out of the box, but the ceiling is significantly higher with the Dayzee (and Ares + Iris) than the Qutest. Ares 12th also has hardware DSD conversion, whereas Qutest resamples everything internally to PCM 705.6, so it is best to feed it that directly from HQPlayer, but the Qutest is going to do its own filtering and conversion internally no matter what you give it, starting with PCM 705.6 just skips the first phase, which is somewhat beneficial if you prefer the sound of a different filter from the massive HQPlayer list over the (admittedly good) one that is in the Qutest by default.
Whenever I get around to writing more about this, I'll put it in that thread, but just in case anyone here is thinking of using HQPlayer for DSD with the Dayzee, I would recommend setting it to a multiple of 44.1 kHz. Technically the Dayzee can handle DSD in multiples of 44.1 (standard) and 48 (non-standard), but switching between the two on the fly causes some very brief, but loud and jarring sounds. It is also my understanding that the clock used by the AK4499EQ is optimized for multiples of 44.1 and actually resamples base 48 kHz content internally, so better to just have HQPlayer do that and stick with 44.1 based output. Of course, that may vary by implementation, and I have that information second-hand, so take with the appropriate grains of salt. In any case, I have mine set to 44.1 kHz and DSD256 - it can technically receive DSD512, but I think it might actually down-sample within the chip, and there are actually disadvantages in terms of dynamic range, modulator, etc. of going too high with DSD, so 256 x 44.1 kHz seems to be a great sweet-spot for this DAC.
TL;DR - out of box, I would pick Qutest; with HQPlayer, I would pick Dayzee; and HQPlayer is a rabbit hole, but once you get it dialed in, it is a massive sonic upgrade.