Even with something like the MCM 50-7774, you end up going into the line-ins of a receiver, through its analog signal path (if it has one, and doesn't just digitize everything from the start), then through its pre-amp, and finally its output into the power amp. Additionally, if the analog ins don't pass through an ADC, you won't get any sort of bass management.
I don't see any advantage of pairing a DAC with a receiver.
Now, if the DAC provides a high quality pre-amp (or you have an external) for volume control, and it connected directly to a power amp, driving full-range speakers without a sub. Then, there may be a reason to go with a DAC.
