Opinions on PS Audio Direct Stream DAC (Mk 1)

@magon i’ve had this DAC for over a month now. Bought it from TMR after I sold my Bricasti M3 as a hold over until I step up to something better.

First of all, I don’t agree that this is old technology. The DAC uses FPGA custom programmed by the designer Ted Smith. Rob Watts uses FPGA in his Chord DAC designs as well. PS Audio can be updated, Chord can’t be.
I haven’t tried any older versions but the latest Sunlight sounds great. In my system this DAC sounds excellent. Very natural, no hint of digital harshness, great resolution and soundstage. The noise floor is slightly higher than with the Bricasti DAC but can be mitigated by dropping the DAC volume from 100 to 92. The tone is warmer and more intimate than the Bricasti without any loss in resolution or dynamics. 
The DAC reacts well to upgraded power cords so there’s still room for improvement there. 

Overall, at the current prices offered by TMR this DAC is a ridiculous bargain.
I wouldn’t hesitate to recommend it.

Excellent DAC, I owned one for 5 years, and you can use any of the FPGA updates, as some prefer the older ones, though most prefer the last one...

Does PSAudio have a return policy for used items? If so, you would only be out shipping.

On the other hand, might your question be more along the lines of, “what is the best DAC that I can buy on the used market for $1800 .. and why?”