Wow. I really appreciate the review.
The HD12 remains on my short list. Its main competitors to me remain the Chord 2Qute ($1700 USD), Teddy Pardo DAC ($1500 USD) and the new Schiit yggdrasil ($2300? USD).
Of these, only the Hegel and Chord offer DSD support.
The Teddy DAC supposedly outperforms the NAIM DAC (nDAC) which is regarded much better than the V1. The V1 has failed to garner many positive reviews really.
Have you heard any Schiit? Gungnir USB Gen2...