Have you ever heard top DAC/Source and amps in the 2 channel world? If not, you may not understand where I'm coming from. There is so much room for the DAP market to grow in terms of absolute sound quality, but folks aren't demanding it. They are demanding it of IEM companies, but the market is not a large one. The can and IEM market combined if very very small. Heck, the 2 channel world is very small and it's much larger still than the can and IEM world adn yes, that's world wide. Portable is and will continue to catch up. Eventually it will grow even larger, but it's not there yet from what some manufacturers have shown me.
I asked an amp designer in the 2 channel world about making a world class portable Amp/DAC together and he said that he could easily do it and it would be under 2k. He said the limiting factor is battery life, but he said that for the most part, the real drain on battery are transients. He'd need a reservoir of power to make sure it was there when needed. He said that he could easily do it in the form factor of what the larger DAP's are giving us. he also said that you could easily fit a source from files as well as streaming into this to make a true DAP. That said, he has no interest as the market isn't there for them to make money doing it.
This is one of those agree to disagree, but PLEASE go listen to any of your IEM's on top home gear as I can promise you will understand my statements and scaling of even average IEM's.
I've had brief listens to some high-end desktop gear (not 2ch) but the improvements weren't enough to convince me to drop a few grand for the sake of scaling. Maybe it's my ears, maybe it's my IEMs, maybe it was me not bothering to hear anything beyond $5000, maybe maybe... I've also had some 2ch guys from a different site lead me through some of their favourite gear but even they thought it was a pointless exercise to drive IEMs with speaker gear.
I partially share your sentiments as I've yet to hear a DAP outperform even something as measly as a Modi Multibit + Magni stack. Then again, the improvements I hear beyond that point don't match with the exponential increase in price tag so nearly all of my budget goes into transducers. People like me probably aren't the target market for all these gear so it pretty much is a agree to disagree situation.
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