I've heard both the Audio Alchemy DDE 3.0 and one of the Parasounds -- the 1600, I think.
I still have the Audio Alchemy, but mostly for speaker duty. I liked the midrange on it more. Whenever someone says, "I'd prefer a well-designed DAC that only does 16/44.1 vs. a mediocre DAC that upsamples to 24/96", I usually think of the Audio Alchemy.
When we tried it in Hirsch's system, it sounded a little rolled off, though, compared to...well, pretty much everything else he had. It's the K501 of DACs in terms of top end/midrange quality (excellent midrange, meh top end). Or perhaps the LS3/5a of DACs. In other words, there are more modern designs that are better, but it had its strengths, and if I had to sell everything else I had, I could live with it.