I use a AES/EBU from a Bricasti M5 streamer into a Denafrips Hermes, which outputs via I²S to a Pontus II. Everything in the digital chain upstream from the streamer is powered by quiet linear power supplies and is also power filtered. The level of detail and focus is still much greater than when bypassing the Hermes.
Check out the specs for all the Denafrips devices, and in particular the clock type. My guess is that my Hermes + Pontus II setup via I²S gets one closer to the Terminator II performance than a Venus II because of the OCXO clock in the Hermes.