I have listened to the PS Audio PerfectWave MKII DAC in two systems: the first using tri-amped Linn Isobaric speakers that used modded and upgraded Naim amps, the second system had Magnapan 3.7i speakers driven by Krell electronics.
This was back in 2013 and the PerfectWave has gone through many upgrades since then, the current models use a FPGA (Field Programmable Gate Array) processor, unfortunately I don't know when the switch occurred.
The PerfectWave I heard was a $2995 B-Stock unit bought from the PS Audio website. This unit used a Wolfson 8742 chipset.
We compared the PerfectWave MKII to my Van Alstine Fet Valve Hybrid DAC (purchased new in 2012 for $2499) that also uses the same Wolfson 8742 chipset. The PS Audio DAC is solid state, the AVA DAC has a pair of Electro-Harmonix 6CG7 tubes.
On both systems the PerfectWave and AVA DAC sounded so close we could not tell a difference except when we engaged the PerfectWave filter:
"The sound of the PS Audio and AVA DAC's was even closer, both have no faults that we could hear. The only way we could hear a difference was to use the digital filters built into the PerfectWave. Gritty digital recordings made in the early days can be ever so slightly altered to make them listenable. Between these two DAC's it all comes down to how you plan to use it. The PerfectWave has all the bells and whistles including asynchronous USB connectiion and a remote control. The FetValve Hybrid is either on or off, no remote or display and if you need a USB connection you have to bring your own."
If the PerfectWave DAC is an old model using the Wolfson 8742, you can get better sound with a modern DAC. I just retired my Van Alstine Fet Valve Hybrid DAC and will be selling it for a screaming deal, $650 with lots of extras.
But if you can get the PerfectWave for a screaming deal, go for it. PS Audio always has a generous trade in programs. Also the PerfectWave can be upgraded to the newest DirectStream DAC for $3099.00. The new
DirectStream DAC is $5999.00.
https://www.psaudio.com/products/directstream-kit/