Great thread, and some notes on the Lumin. I started with a D2, added a Sbooster LPS, upgraded to a T2, and most recently added the X1, keeping the T2 for a second system.
The optical input does improve the sound by taking a layer of glare away. But…it’s critical to use the right SFP modules. I chose Finisar (purchased from Mouser, as there are counterfeits sold on Amazon and EBay). Surprised at how much the sound was improved.
Lumin’s app and settings allow lots of tweaking and it does sound better by disabling unneeded settings. You can also adjust the output gain which helps in matching to a sensitive preamp. If you use with Roon, there are settings that further improve sound quality. I do think playback via the Lumin app is a tad better than Roon but I prefer Roon’s user interface.
The tech support from Lumin, in various forums, is the best I’ve ever experienced in 30 years of owning high end gear. They regularly update firmware along with Roon and support expired products as well.
I considered several products mentioned in this thread, along with the DCS Bartok. The Lumin’s sound quality, ease of use, and support sealed the decision.
The Ares would be fun to hear, but requiring a streamer plus the DAC puts it out of contention for me.