Well I hope that in your tests that the DAC to sound most like analog, that Hugo came last.
Analog (that is analog reel to reel recording) sounds soft, with muddled overblown bass, poor instrument separation, with audible noise and distortion. Now it is more pleasant than conventional digital, but it is still far removed from the real reference - not analog sound, not digital sound, but the sound one hears from live un-amplified acoustic instruments. I get the distinct impression that some designers are trying to re-create analog, not the sound of live music. Now if that is what you want, then that's fine by me. But don't tell me which is more accurate or realistic. Indeed, one of the DAC's you so enthuse over has been measured with very poor performance, exactly like a reel to reel.
This reminds me of a well respected reviewer who once told me he preferred the sound of his Hi-Fi to real live music. Now if you are one of those individuals, who prefer the sound of distortion, steer clear of Hugo.
As to DSD - if this is the future, then we are in for trouble. DSD is severely limited in its technical performance, the noise shaping has poor performance. I have been listening to noise shapers recently, and started with a noise shaper that had a thousand times more resolution than DSD. I could increase the resolution - a million times more resolution gave much better sound. I kept increasing the resolving power of the noise shaper until I could hear no further improvements, and this happened at ten trillion times more resolution than DSD. Perhaps the changes in sound were nothing to do with the resolving power, but to me DSD is severely limited. If you don't believe me, check out 2L site where you can hear the degradation that DSD creates from the original DXD recording. To me, its a big loss in transparency, and in particular sound stage depth. This is precisely the same behavior I heard when changing the noise shaper resolution.
Rob