Scott Endler set me up with a DAC modded Behringer (that takes the analog output straight out from the chip), his IC's, and his stepped attenuators that plug into my Channel Island Audio chip amps (rated input sensitivity 0.6 volts). The single driver speakers are about 90 dB/w/m. No problems with dynamics.
Previously I'd used a Channel Island Audio VPC-3 passive, but highs suffered, so synergy is very important with any passive solution.
Transformers have tons of contact points, can cause wireless interferences, and can add a transformer voicing.
Like you Roymail, I like it simple.