Cheap yes, cheerful? Read on...
Quality control has been an issue, so buy from a reputable source.
Cheap build, so it offers lots of room for tweaks.
It's complicated (the DEQ can be replaced with software if you're 100% computer based) and needs a microphone to set some of it's parameters.
But the DAC is it's weak link (and sort of a bonus feature anyway). Modders are out there to help. I own one and use it in my main rig. The DEQ replaces the baffle step/zobel circuit in my single driver speakers (allowing a direct connection from each monoblock to each driver) and of course room EQ. Hearing flat frequency response is an epiphany.
I had Scott Endler mod the DAC section, which includes pulling out the downstream op-amp. I never heard the piece stock, but modded the piece works perfectly and I'm "reasonably satisfied" with the DAC performance (even compared to a popular $750 model). But note that I'm a "speaker guy."