When is a DAC not a DAC?

[The Grand Wazoo]

There are a lot of items currently on the market which call themselves DACs. Many of them have a switching function and volume control. Are they not, in fact, preamps with built-in DACs rather than the other way around?

So then, which ones are the best preamps?

[wee tee cee]

Chris,
I am using a musical fidelity M1 headphone amp as the pre amp in my system it has a built in dac that hardly gets any mention in the blurb.Must admit aside from being excellent in its role as a head amp it has really improved my system being used as a pre. Its a single input only though, perfect for my computer based system.
Regards Tony.

[jostber]

The Furutech Esprit should fit the preamp/DAC category pretty well:

http://reviews.audioreview.com/furutech-alpha-design-labs-launches-three-new-products-esprit-dac-digital-preamplifier-stride-portable-headphone-amplifier-and-id-30p-series-idock-cables