Sure, why not. I mean, I'm a big fan of the old MSB Platinum DAC that Justin used to haul around, which is also a ladder DAC, IIRC.
Here's the thing: I'd rather have a really good 16/44.1 DAC for 16/44.1 source material than a mediocre upsampling one, but if I have 24/96 material (or whatever) -- which I do -- I, personally, would rather hear it at its original bitrate and bitdepth.
That said, I have had good luck with (another MSB product, the Link DAC III) upsampling as well. Perhaps because you're starting with a signal that's closer to the analog signal before the analog stage, that makes it easier...somehow...? Again, making stuff up, because I don't know the real explanation. All I know is that I like the sound.
What really matters is that it's a well-designed DAC with a well-designed output stage more than anything. And that if you have other source material than CD (16/44.1), that it handles it well.