Well, I just went on a tear reading everything I could find on the Denafrips Terminator. There are a few users on the Terminator thread that compare it to the DAVE. As can be expected, they like the Terminator. One user borrowed a friend's DAVE for a week, and ended up keeping it in the closet after A/Bing it against the Denafrips.
Both are top tier DACs, but I'm having trouble getting a fix on the sonic differences. What is clear is that the Terminator has the more dense presentation. That makes sense to me, esp. as "thinness" can be a characteristic weakness of the DAVE, and the Terminator has those massive, back breaking, toroidal transformers.
What has me a bit confused, and frankly unnerved, is that I would then expect the DAVE to counter with greater transparency, clarity, and resolution. However, Jay Luong, over at Audiobacon believes that this is where the Terminator excels as well. Comparing the two specifically he writes,
"The Terminator does so more with spatial clarity, vividness, and air. You hear deeper into the trinkets, layers, and grooves of the sound. From the leading edges of a violin, drum skin flex, and finger movement on a trumpet. All are placed in plain view with uncanny control and speed. It just sounds more tonally “elegant” and agile.
The DAVE takes a more naturalistic approach. Its greatest strengths are timbre and coherence...."
At the end, he actually prefers the DAVE for its timbral accuracy. Yet, the way he describes the Terminator's superiority is what I'm accustomed to hearing as one of DAVE's signature strengths.
There are not a lot of posts comparing these units here. Has anyone had time with both, especially in the context of headphone listening?