In the mid-1980s I often did head-to-head comparisons of the same recording on vinyl (VPI+Grado Arm+Grado cart) vs a heavily modded Magnavox CD player (excellent in its day). There was never any contest. Analog won every time.
All these years later, I’ve worked my way through delta-sigma DACs and fully switched over the R2R & NOS. My NOS DAC is the MHDT Labs Orchid--excellent sound. My R2R is the modest but legendary Audio GD DAC-19. Either one is preferable to delta-sigma for me.
I know R2R & NOS don’t measure well, but so what? Vinyl never measured as well as CD players, and we all know how that ended up. I listen with my ears, not measuring devices.
If I had a big 2-channel system, I would of course test my 2 DACs in that system. And I might (in italics) hear the somewhat diminished soundstage that others describe with R2R/NOS. But in my relatively high resolution nearfield desktop system, soundstaging, no matter how excellent, will never be as audible as in a larger, better-placed system space.
I’m happy with digital now that I have R2R & NOS...I couldn’t have really said that before.
Note: You don’t need to spend mega-$$ to get good sounding R2R/NOS DACs. If you want to, go for it (my dream DAC is the Holo May). But it’s not essential for good sound...