Just to chime in... I'm running a PSA DLIII w/Level 3 mods (bought used on A'gon). It's a fanstastic DAC. I spent 2 months picking up various DAC's and putting them in 3-way matches with a digital distribution amp and the Zana Deux as the headphone amp (using it's 3-way source selection switch). Also, when possible, I matched output voltage within a few mV. I have to say between the Lavry DA10, Wavelength Audio Cosine DAC, and this DAC, I chose the DLIII. I attended a local informal, semi-blind shootout where we did A/B across a random, multi-round approach with the DAC1, P-3A, WA Cosine, Parasound 1600, and the DLIII. The rough consensus came down to the 1600 and DLIII as the winners... of course, by the end, we were fairly fatigued.
I heard the DLIII without Cullen mods at a local Head-fi meet and didn't think much of it (i.e. thought it was good, but nothing to write home about), whereas I'm constantly THRILLED with the unit I have—even now as I listen through it.
Over the last month and a half, I'm running 24/88 and 24/96 files through the DAC, upsampling only to 96kHz, and find it absolutely captivating. This is the sound I've sought for years, and have been enjoying the setup for about 2 months of extensive, regular listening.
The only DAC that I'm curious about, but am unwilling to spend the money on right now is the Berkeley Audio Design Alpha DAC (it's 5x the cost of a used PSA DLIII). Maybe in a few years...
I'm very, very happy with this DAC, and don't plan on rolling DAC's anymore.