So I've spent a month with the R2R-11 Mk2 with upgraded USB, alongside Ares II and Soloist 3xp. I've used the r2r-11 with its USB in and HP out, and I've also had both DACs fed by Douk U2 Pro and both DACs going into 3xp. They were volume matched and used remote to seamlessly switch between the DACs on the 3xp.
Intro/tl;dr
Fell in love with Ares II in "NOS" mode. Started looking for some other NOS DACs to try and stumbled on the r2r-11 mk2. r2r-11 is a very nice sounding unit. More neutral sounding than I had expected, though just a touch warmer/darker/veiled compared to Ares II (and JDS El Stack II). I don't notice when enjoying music, and generally I'd say this is tonally neutral and uncolored. For casual listening at my desk, I much prefer the r2r-11 over Ares II, surprisingly.
DAC Sound
Very full bodied, smooth, and a bit forward presentation to sounds. Good sense of weight and does a good job bringing out those subtle nuances/microdynamics that, combined with that weightiness, makes for engaging and enjoyable listening. I can just feel the music better, particularly in the vocals. Ares II, while beautifully detailed, sounds more reserved and laid-back. Sounds don't have as much presence and often feels like it's lacking gusto. r2r-11 is more gripping, yet never feels overwhelming or fatiguing. It's very forgiving of poorly recorded music. I've been really digging 80's music and R&B since I've got this, but works very well with just about all genres methinks.
Staging is fair. Not as good as Ares II or OG BF2, but I prefer this over other D/S DACs I've had (D1se, El Dac II, Topping E30, K5 Pro, various dongles). Perhaps lacking some spatial cues, and feels a little like sounds are coming from the void. Separation, imaging, layering are all decent, but behind the Ares II (and probably BF2 as well, as it had the best staging of DACs I've owned). Seems slightly improved with oversampling.
Dynamics get full marks from me. More power and energy than Ares II, and more controlled and nuanced than OG BF2. And it's worth repeating that the subtle nuances in dynamics are nicely captured in the full bodiedness and weightiness of the sounds. Brings that weight and dynamics to the forefront which helps to nicely convey the phrasing in the music. The two aforementioned DACs do it too, but seems to plays a bigger role in r2r-11's defining sound characteristics, at least in my mind.
There's nothing to the sound that's so uncomfortable or lacking that I feel it interferes with enjoyment of music. No harshness, no awkward timbre, no congestion.
Build and Misc.
Built fairly nice, actually. Doesn't look nearly as bad as I'd thought it might. I kinda admire the industrial look to it. Really big, but taking off the hood and seeing the guts is cool. Wish it had more inputs/outputs. Volume knob is stepped, and hearing the relays clicking is cool. The volume control is great overall, and have no issues with sensitive headphones like LCD-X (which I can't say for SA-1 or JDS El Amp due to channel imbalance at low levels).
Burn in was a bitch. Sound quality was all over the place and took ~2 weeks before DAC started settling in. The USB input took additional week or two to settle in but it sounds fairly good now. Sounded good through U2 Pro via coax and SPDIF too, but r2r-11's coax input does not do 176khz, and SPDIF only goes to 96khz. Bummed, but at least it's listed on their webpage. Oversampling seems to make a more noticeable difference to the sound than other DACs I've messed around with.
Preamp works great. Allowed me to volume match with Ares II. Moreover, I was very pleased using the r2r-11's preamp and 3xp's poweramp mode. I didn't have good results with SMSL D1se or Singxer SA-1's preamp, but the r2r-11 was good even at low levels (~5-8/100). Feel like I've now a much better idea of 3xp's potential.
The headamp section of the r2r-11 is very adequate. Very smooth sounding, but feels a bit pushed up against me. Sounds feel more forward and stage feels tightly packed (but not congested) and flatter. Feels less "open" or spacious over the 3xp or even El Amp II. But otherwise, I think the amp sounds smooth, refined, and fairly good overall. Vaguely reminiscent of Jot2's balanced out in presentation but smoother, and maybe less depth.
I've not had any issues with popping noises. It's rarely there when changing tracks, and usually barely audible. Audio-GD's website does warn users of such noises, however, so YMMV.
Warm sound jumper is a pain in the ass to get to. Have to open up the unit and snake your fingers onto the jumper. Easy once I got the hang of it, but annoying and time-consuming nonetheless. With the jumper, sound is much warmer/darker, maybe a little thicker, a little softer. Preferred it with DT770 and HD600, but lose too much upper mids/treble for the LCD-X and HD58x, causing sounds to feel a bit muffled.
Closing thoughts
This is perfect for my desk for casual listening while gaming, lurking forums, etc. Wish I'd found something like this a year ago right after I had the OG BF2. Shame that these aren't more popular here in the West. At this point, I'm starting to wish I'd gone for something like the R28. If only I had the space...