Snopro, listen to a T+A Dac 8 DSD we have found nothing under $10k that can touch it, use a fast Core 7 Computer with Jriver set the program to output 16/44 to DSD 512 and sit back and enjoy. It is freakishly good sounds like a good $10k analog rig.
If you are wondering why the little Dac 8 can beat much larger chasis/more elaborate designs, think of this one, T+A is the largest electronics manufacturer in Germany with a full time engineering staff of 14 and a staff of 110 full time employees, they have the resources to develop completely proprietary technology, the DAC 8 DSD uses both novel filter technology as well as all in house DSD technology that is proprietary and does not relay on a chip based solution. The T+A is similar to a Chord Dave but is warmer and a bit more engaging.
The Terminator does seem like an excellent piece on paper and I am sure there are people who will dig its presentation, but there are other issues with a tiny unknown company such as driver compatibility, long term reliability as well.
We had an earlier Forumla it was good but still lacked some air, the new XHD version is very analog like, one of the more critical guys in audio Mike Lavigne who has a $400k + system was using the Formula before trading it out for a $90k MSB Select Dac, so we know the Formula is ranked way up there with dac's like the Lampy, the Formula is very, very, musical but doesn't dig out the last bit of air and resolution of the Davinci.
The Davinci is the best sounding digital we have yet encountered, it has incredible resolution, a huge soundstage, and a very natural midrange.
Top that off with a modular design, that can be upgraded and some really outside the box thinking and parts selection, and you have a true challenger to some of the best sounding digital out there, the only downside, very hard to get, and expensive.
We didn't want to get one but after hearing one clobber the $25k Meitner Da2 which was a superb dac it was love at first listen.
Dave and Troy
Audio Doctor NJ