I have not compared the two but have been reading reviews on the Terminator Plus. I would be curious to hear head-to-head reviews as well. I have a feeling they may be very close tonally, especially because the way Steve Huff compares the Terminator Plus to the Chord Dave is similar to the way the T+A DAC 200 compares against the Dave and Mscaler combined:
VS the Chord DAVE: The Dave is electric, alive, dynamic and uber detailed. It can wow you with sounds and it is among the best I have heard when it comes to 3D details and dynamics. The Terminator PLUS is a touch more laid back, not as in your face and not as ALIVE sounding as the DAVE. The Denafrips is more subdued, more open (soundstage is larger) and just as 3D. It is not as dynamic but again, I never tire of listening to the Denafrips. It has a natural vibe about it that makes music sound realistic and very musical in my system.
One thing my customers and I appreciate about the T+A DAC 200 is that it has a total of six DAC filters that can span a very laid, back organic sound, to a very naturally bit perfect sound to being very punchy and detail-oriented. It’s almost like having six DACs in one and enables the DAC to better adapt with the system synergy. It also means that anyone who compares the two together should comprehensively experiment with all the DAC filters for the most honest evaluation.
In full transparency, I am a T+A dealer. If you happen to be in the upper midwest, drop me a line and I can demo it for you. Happy to answer any questions on the unit.