@rossman
They are not even close to being "identical" internally. Readers should search for images and compare. To use the most obvious example, the Pontus employs two toroidal transformers, as opposed to one for the Pegasus.
I have no opinion on the quality of the Pegasus, but it is not closely comparable, in terms of components, to the Pontus.
Musician Pegasus r2r DAC is more than comparable in sound and build quality to Denifrips Pontus II. Listened and compared them both and saved over $1K by going with the Pegasus. Internals are nearly identical.
They are not even close to being "identical" internally. Readers should search for images and compare. To use the most obvious example, the Pontus employs two toroidal transformers, as opposed to one for the Pegasus.
I have no opinion on the quality of the Pegasus, but it is not closely comparable, in terms of components, to the Pontus.