Best DAC under R20k?

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Rupert

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Approaching the same problem from a different angle.  What is the best DAC under R20k?  By "best" I mean sound quality only.  Everything needs to be there:
[list type=decimal]
[*]very good detail
[*]authority and dynamism
[*]good soundstage with reasonably accurate instrument placement
[*]fluidity / "analogue" sound / absence of ringing (i.e. "digititus")
[*]equal representation for all bands from bass to treble ("balanced fullness"), with no frequency band getting preferential treatment
[*]no harshness or stridency but no exaggerated rounding off either
[/list]
Don't need preamp or headphone amp. Don't particularly need DSD or USB either.  Just optical and coax inputs, really.  Outputs can be RCA or balanced, but RCA only is fine.
 
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