Late reply but for what it's worth - I have heard the TotalDAC D1-Twelve many times and it is a stellar DAC. At the time I first purchased a Aqua Formula the TotalDAC was clearly better (more robust sound with further detail, more effortless). However I have had the Formula upgraded 2x with the analog PSU + digital upgrade + I purchased the LinQ along with the HQP module and I would surmise that it's significantly closer now. I haven't heard the TotalDAC twelve in a while due to COVID but my gut makes me think (especially when I get the latest HQplayer Core module for the Linq) that it will be more about preference than which is best. Net is - the Formula + LinQ are a better bang for your $ IMO.