Having had my interest piqued, a few months ago I bought a chip-based NOS DAC (8 chips actually; 4 per channel) and I have to say, I preferred its sound over that of Ares II. In most cases, the differences were minor: slightly wider sound stage than Ares, with about the same depth, but slightly less height. The NOS DAC was a little more "essy", with a bit more extension top and bottom, but that might have been an illusion, caused by the more impactful presentation, with notes more delineated than I hear from Ares II in any mode, be it "notNOS" or OS. All of this is based on SE output, since that's all the NOS DAC does, but overall, I'd say it's like an Ares, but in HD.
I'd still have it if it wasn't for a manufacturing defect ...