A couple of points as a long time Denafrips Pontus II owner
(1) I am one who directly compared a Pontus II/Iris DDC combination versus the Venus in my system....and preferred the Pontus II/Iris combo using an I2S connection. A Pontus II (whichever model it is) is just a unique DAC that is incredibly musical, fun, and engaging. Is it the most detailed and revealing? No, but R2R ladder DACs don't tend to be; if that's what's important, buy a Chord DAC. To me, the Pontus just happens to be a unicorn at it's modest price, and one that performs way over it's purchase price would indicate.
In the past 6 months I've upgraded a pair of speakers (Clayton Shaw Caladans), a preamp (Aric Audio Motherlode XL), and two amplifiers (Aric Audio Transcend EL34 "Push Pull" and SS CODA S5.5); and still do not feel that the 2+ year old Pontus II is limiting me. Will I upgrade? Of course, as I am constant pursuit of better SQ. Right now my short list is a Denafrips Terminator Plus, and whatever LampiZator I can afford.....but that's some serious coin.
(2) As to the constant updates to the Pontus (and all of Denafrips DACs), it is a two way street. Yes the updates to the naming convention could (and do) cause a stir and possibly affect resell, but personally I am happy that Denafrips is constantly trying to improve what are already great DACs. Would I be happier if they just left well enough alone and weren't evolving? No, I'd probably knock them for that
Since I've owned the DAC, Denafrips (via Vinshine Audio), have put forth a bunch of firmware updates for the DAC....some of which have been nice upgrades (some not so much to my ear).