I genuinely don't think you'll find a better DAC than the one in the 818v2, it's simply sublime.

The DAC in the MS600 is pretty darn good. I did a direct comparison with the Naim DAC a while back, and each had their merits. The Naim had more 'PRaT' and better out and out dynamics, the MS600 was smoother and less 'congested' in busy passages. The beauty of the 818(v2) is you don't have to choose between which characteristics you prefer, it's got it all, and more. It's the only bit of Hi-Fi I've ever heard I genuinely can't fault in any way (apart from price!). If you can afford it, get that and don't mess around with the other options.

I think there's a third option you've missed - ditch the analogue stuff and get some nice DSPs! wink

HC: 861v4/ID40/LPS, DSP5000, DSP5000VC, DSP3100, SW1600, HD621, Oppo BDP-105, Sony VPL-HW55ES
2-Channel: Oppo BDP-105, TEAC VRDS-7/Trichord Clock 3/PSU, 551, Quad 303, Harbeth Compact 7ES-3, Kimber cables, Russ Andrews mains and supports.
Previous Meridian: 5000C, 5200SL, 7200.2, 6000, 562V.2, 568.2mm, 800v4, 808.2i, 818v2/v3, 861v8, 502