The high resolution PCM at 96-192KHz 24bit offer the possibility to have a good quality digital signal near to the analog.
After many time to ear the my Hi-resolution easy system created using a EMU 0404 USB modified in the output stage and power supply probably now I have found something better.
The main problem to create a DAC to play 96-192KHz 24bit tracks is find a good USB to I2S converter.
There are only few solutions in the market and the M2Tech module is a reference.
This module is available only for OEM so it is not possible for DIY use it but AckoDAC sell a kit using this.
After the USB-I2S is necessary only a DAC chip and a pair of Lundahl output transformers to complete the project.
You can use test many DAC chip in this combination and I have started with a Wolfson WM8740 and LL1527XL.
Many people use the M2Tech hiFace with spdif output but in this case we will have 2 conversions: USB to Spdif and Spdif to I2S.