"Have you directly compared the Ares to the well-regarded dacs from Metrum and Schiit? "
Not yet; I've only compared the Ares, Soekris and Audio-GD to each other, all recent purchases within the last couple months.
Two months ago I also purchased a Yggy from another popular site and stupidly sent a check. The seller disappeared, I never received the Yggy. Expensive mistake.
At this point I'm trying to discover a "diamond in the rough" at a lower price point, that's why I bought four. When I determine which one sounds best, I'll sell the others to purchase a Yggy again or maybe a Holo Spring for comparison.
Ares has a unique sound, detailed but relaxed. I'm not quite used to it, but I like it.
I'm sure you can google to find others who have compared Ares to other mega expensive dacs.
~Tom