Very interesting takes... @metaldetektor your posts have been very helpful in particular, but I do appreciate reading almost all posts on this matter.
I was looking for a new reference DAC and wanted something non-ESS based since I presently have the Musetec 005. My short list was as follows
Holo May KTE (R2R)
Denefrips Terminator+ (R2R)
Chord Dave (FPGA)
Mola Mola Tambaqui (FPGA)
I'm awaiting a call about my Tambaqui audition, and went the FPGA route out of both reviews comparing these item's in some context of A vs B, then ultimately choose to go with the Tambaqui do to some reviewer's putting the May = 005 >/= Terminator+.
My thoughts again are that since I have the Musetec 005, the Tambaqui could be the standout given these other DAC's being so close in overall performance.
Could be wrong in my thinking, but the Tambaqui I know needs to run hot and does take some break in, but for the massive jump in cost compared to the competition, I need it to be fairly substantial (like when I got the 005) to my ears given it's price in order to confidently keep it.
Otherwise I might just get the May KTE and spend/save the rest of my money.
I'll post more later, but I plan to A/B the 005 against the Tambaqui, but haven't personally heard the May or Terminator+.