ThorstenL (Kue Yang Wang or whatever) does have a bit of a cult of personality over there, but he is very knowledgable.  He designs gear for AMR and designed the ifi units.  And they outmeasure the ODAC.

From what I can see from the various Jtest plots here and of nwavdouche's site. The ODAC does not suffer from 9023's noise modulation problem. Should be good to get though the consensus is that it does suffer from power supply issues.

Pity I can't tell anything about ES9032, because the goddamn manufacturer puts their datasheets behind a "Sales agent" wall (and Ismosys is PITA to deal with according to friends), while a random implementation might have many unrelated issues.

I can tell though that such delta-sigma DACs are quite finicky in implementation and it's quite easy to mess it up. Just have slightly not enough bypassing on the analog supply and here you have your noise modulation, just as ordered.

Indeed, it does seem worse than the ODAC in terms of IMD(odac uses a log scale though) at least(the rest are not directly comparable I think). Though the THD spectrum also looks worse, the ifi dac has minimal odd order harmonics unlike the the ODAC. For the 3X the price though, this seems to be rather poor showing.

Assuming the ear FFT theory is correct though, the IFI should be subjectively better sounding than the odac just basing on jitter and THD. I'm just speculating though so don't take my word for it

Perhaps their power supply and spdif solution may perform better though especially with the rave comments from fellow locals here.

Edit: Why bother with the odac, just get the Modi already if you are not willing to deal with PS and want lower jitter.