Thanks!
Both. The T+A is the superior technical performer for DSD, to my ears at least. PCM is much closer.
I don't want to overstep the question, but comparing these two DACs is akin comparing apples to oranges. They are both fruits and that's where many of the similarities end. The right question to ask is which tone and presentation you want:
- 75% fake, but really excellent fake. Exciting, big staging, super engaging vocals, etc. It's basically a Dave with (very) slightly worse technical performance, but much better tonality. Plays some cool tricks with presentation. Oddly enough, this DAC reminds me of the staging on the Hifiman Susvaras - super fake, but some of the best fake you'll hear to the point where most people won't care that it's fake in the first place. Hope that makes sense.
- 35% fake with much more natural and realistic tone, but still not nearly as musical and engaging as an R2R should be. It is somewhat "muddy" like many R2Rs, but also sounds like it has a dash of FPGA/DS to round things out. The May is somewhat of a "middle ground" DAC that doesn't necessarily do anything special and this is my biggest problem with it - it's just boring to me. When I listen to it, I nod my head and think, "hmm, not bad" and that's where it ends. On the other hand, my old DAC from the 90's absolutely trounces the May in musicality and engagement, despite it being less detailed and resolving. That thing keeps me glued to my chair for hours. Listening becomes an addiction.
To put it bluntly, you need to have a clear grasp of your goals and preferences before choosing between these, or any other, DACs. If you don't, you should start there and try them both (along with every other DAC you can get your hands on). There is just no substitute for your ears and you system.
Hope this helps.