My friend and I compared the W4S DAC II against the Rega DAC in my system, which is Manley Stingray II tube amp with Merlin TSM-MXr speakers. If you hunt around you can probably find my comments, but we found the top end of the W4S a bit much and the Rega's soundstage was just broader.
My friend still owns the W4S, which he uses in a smaller system. He feels the top end got smoother over many hours and he even preferred it over the EE Minimax Plus, which he then sold. We both did a lot of comparing of DACs and he ended up with a Rega, but also continues to use a more expensive ARC DAC. My key findings are quite simple: Differences between good DACs are very subtle, perhaps to be equated to the differences between good DSLR cameras. I think most people would be shocked to hear how well the Dacmagic compares to those costing much more, and that's one of many examples.
Cheers,
Rob