"Now, I would add, perhaps this exact presentation may not be everyone's cup of tea"
That is really the thing. In the old days, before PETA and SPCA (with which I volunteer), we used to say, "there is more than one way to skin a cat".
The point is, none of these DACs presents the same sound, at least in my room. However they will each have their proponents and detractors.
I have moved my comparison listening on to the Merason DAC1 MkII and, as sort of a preview, I had really hoped it was going to be something special. When I first hooked it up my impression was, "really, this is the DAC that is winning awards?" However, after completing my time with the LTA Aero and Benchmark DAC3 and removing those from my system, I have really spent some time listening to the Merason and I also reinstalled the Mystique X NCZ so I could compare them. There is a reason some manufacturers say a product needs to burn in, and it may have less to do with the components "burning in" and more to do with the listener becoming acclimated with something new. A shorter way to say this is that the Merason is a really nice sounding DAC, but it does sound a bit different from the other DACs here. I suspect what I am hearing may be the difference between really good R-2R DACs and a DAC with a really good delta-sigma type sound. However, I haven't had a delta-sigma DAC here since the Ayre QB-9 DSD years ago, and the Merason sounds way better than my recollection of the Ayre. Also, I am not sure it is correct to call the Merason a (fully) delta-sigma DAC since, the PCM1794A chip is considered a hybrid. I have been looking into what this means and found this:
"Segmented PCM1794 is described as having 'true' multibit DAC for the most significant bits, while a multi-level delta sigma modulator for lower bits. AKM/Sabre/etc DACs seem to be described as using multi-level delta sigma modulator for entire conversion."