A few years ago I did some controlled listening tests with a number of various DACs, some with fairly radically different technologies (16 bit 4x oversampled, 18 bit, 1 bit bitstream ones). I found that even before single or double blinding the test, once I level matched them it was impossible for me or the other test subjects to reliably tell any difference. A DAC's job is not that demanding, no matter how much different DAC companies talk about gilding the lily. Some low end DACs I believe do sound different, say the one in the Apple AIrport Express, and often ones in PC sound cards do, due to low quality analog circuits with noise and frequency response irregularities. Ones in PCs operate in a very harsh electromagnetic environment and often have poor analog output circuits.
It was quite an eye opening experience, as before the simple act of level matching they sounded quite different. One was a then popular, reasonably priced one which was a darling of the audiophile set who said it was better than most stand alone CD players. It also measured fairly hot in output, higher than most other DACs. Slight loudness differences are perceived by the human ear as quality differences, not loudness/level differences, and it seemed obvious to me this higher output level was deliberate on the designer's part. Not blaming him, if I wanted to sell people outboard DACs that's what I'd do.