I'm now the proud owner of a JKDAC32. I have been using a Musical Fidelity V-DAC 2 for around 6 months, I also trialled the Audiolab M-Dac but couldn't justify the cost when I didn't need half the features. Having read the excellent reviews on the JKDAC32 I decided to give it a try. I got it on Tuesday this week so only been running for a few days. It easily beats the V-DAC 2, better bass, smoother top end and a beautifully natural vocal. I can only go from memory of the M-Dac but I'd say the JKDAC32 easily matches it, very similar sounding sonically/tone.
I don't have a CD player, all my music if lossless played directly from my PC, I also use a 5m USB cable, a shorter cable might sound even better but it's not possible for me, to be honest I can't imagine it sounding any better.
Here is my kit list for reference.
High end self built PC with SSD's only, music stored on a HP Micro server (all silent).
KEF R300 speakers on Atacama HMS 1.1 stands.
Arcam FMJ A28 amplifier
Atlas Equator Bi-wire cables
Mark Grant interconnects.
Anyone looking for a sub £1000 DAC for USB only should look no further than the JKDAC32.