I think with DACs, even more than CD players, system matching and personal preferences are critical.
I've tried various DACs (Valab, Musical Fidelity V-DAC, a custom made DAC using 4xWM8740's and some el cheapo ebay dacs). Transports used were a DVD player, NAD CD player, an old marantz CDP and Goldenote CD player as well as a laptop (usb or with a musiland monitor 02). My main conclusions:
1. DACs can have very different presentations. The Wolfson based DAC, which I prefer among all of these, has a very different presentation from the Valab. Its impossible for me to say which one someone else will like more - depends entirely on the system and the person's preferences. The sub $100 ebay dacs are in the "little better than a dvdp" category
2. Transport can make a big difference. With the exception of the v-dac, I've found SPDIF to work better than a regular usb. Even with SPDIF, the quality of the transport can make a fair bit of difference.
3. The musiland monitor 02 improves over a regular usb connection. Its not as good as the goldenote as a transport but I havent done a head to head comparison against the nad to see how it compares to vanilla cd players. My Marantz has gone kaput so that is out of the equation now.
I haven't heard the EMU in question but my experience with a few mid-end ($1-1.5k) studio pieces I've borrowed from a friend is that these are the other extreme of presentation from the Valab. To me they sound a bit harsh. Again, a matter of preference.
I dont think budget DACs make sense unless you are looking at non-cd audio or want to add better sonics to an ageing cdp (something that worked with the Marantz).