May I sort-of agree to disagree here?
DAC chips these days do most of it for you I think and all the designer of the finished product can reasonably do is tinker around with the power supplies and filter/output stage. I dare say the Denon, if it's a multi-channel one, will have had most of the cost gone into casework and costed over a limited lifespan, since the next generation of chips will be but months away. If it's an expensive two-channel DAC, then it's profit all the way - honestly. Don't let these people tell you that it costs hundreds of thousands to design audio equipment. It doesn't, unless it's a very small scale manufacturer (Naim is a minnow in the wide scheme of things in all honesty) trying to have really good casework made (the aforementioned naim cases are superbly done these days), the DAC chip is a few quid - honestly - and passive components are twenty a penny if bought on a gondola/drum, as most are these days for production.
I heard the truly wonderful little Rega Brio-R amp yesterday. The case is full of transformer and everything else is shoehorned carefully round it, although I reserve judgement on the dome-head bolts holding the top on. The Rega DAC is built the same way too and just totally disappears from the audio proceedings in use, not ONCE drawing attention to itself. BOTH can be bought for well under a grand total. "We" already know also what a Gatorised Caiman can do for even less and again it's the casework that IMO is the only thing that could reasonably be tarted up - that and maybe incorporating the power supply inside, giving possibly more scope to tweak the supplies to individual parts of the circuit. I'd love to say that a DCS, Chord or similar expensive creation would blow it away, but I really do doubt it, not these days, since many of the things addressed in sooper-dooper DAC's are almost certainly way below audibility, I suspect largely academic interest only and done for "mine's better than yours," just like the THD measurements were used in the mid 70's before the likes of Linn and Naim came along and brought about a re-appraisal of exactly what it was we were supposed to be listening to - the MUSIC!!!
Sorry to go on and possibly with confused thinking here. There is so much reviewed in the likes of HiFi News that sells for £5K, yet inside has a very few tenners worth of bits, the total cost made up of very expensive casework and greed...
P.S. I justify the above by stating that despite my slightly tongue-in-cheek comments to Simon B before I bought his QED Opto-Digit and Positron, I've been very surprised just how good this ancient Bitstream thing is. The circuit was built exactly to the Philips build-notes and all that was done was the Positron supply, which I believe has twin filtering/regulation on both positive and negative lines to make it "special." The "Twin Supply" mod I'm considering could easily be done in one box and probably with a larger? transformer with two secondaries, all the regulatiuon etc being done on a small slave board alongside.....
Tear down these walls; Cut the ties that held me
Crying out at the top of my voice; Tell me now if you can hear me