@ryder I compared quite a few — Qutest, Cambridge audio, audio mirror tubadour iii, T+a dac8, topping d90, RME ADI-2 and Schiit gungnir. I also compared to the built-in dacs in ARC GSi75, Innuos Zen Mini, Bluesound Node 2i, and Naim Unitiqute.
I preferred the Luxman over most dacs except the one in ARC. However, it is true that the sound is a bit on the warmer and softer side and the soundstage is not as deep or wide. But it was so refined and musical that I could overlook the shortcomings.
That being said, IMO it doesn’t make sense to pay $2k for a dac that is a 10-year old design. If I was looking in this price range, I’d look into R2R designs, e.g. Denafrips Pontus II. I bought a Terminator II a few months ago and find it to be far superior to the Luxman in every way. Good luck!