PS Audio Digital Link III vs. Bel Canto DAC-2

I've heard both and owned the Bel Canto. It is one of the smoothest sounding DACs I have ever heard. The PS Audio is also good but more analytical in its' presentation. If your system is neutral or tends toward brightness I suggest the Bel Canto. If your system is more laid back the PS Audio would be a good choice.

I had both in my system(s) for a long audition period and I would Ditto what Narrod said.

I would suggest that the Cullen modified PS Audio was slighty better than the Bel Canto unit in my system (Maggie 20.1, tube pre and amps). I listened to both and purchased the Cullen (stage 4). I liked what I perceived to be a smoother mid range and treble, yet a little more treble sparkle. Also the soundstage was just a bit deeper.

FWIW, I'll also vouch for the Cullen modded PS Audio DL III (stage 3 mod in my case)... I have never owned the Bel Canto, but a good friend as the DAC2, and IMO, the Cullen modded DL III was preferable; my friend, the owner of the DAC2 agreed. Disclaimer: I've never heard a stock DL III; I decided to get the Cullen modded version right away after listening to one at a get-together.