I fall in the camp that thinks we haven't fully figured out what conclusively decides subjective sound quality. It makes things much more interesting and open to more research to settle debates on solid state vs tube, sigma-delta vs r2r dacs, full range driver vs other speaker configurations, cables/interconnects/power-cords matter or not and things like that).
Some interesting links (I don't endorse what these guys are saying but find them VERY interesting):
About DACs: http://www.streamplayer.io/v1/sharing?v=8Mn5PrnZV-k
About whether audio power cables make a difference (Ask Paul from PS audio): http://www.streamplayer.io/v1/sharing?v=8QuToO9JUfw