I'd like to add a couple more data points from my personal experience. I have both the Terminator and the Ares, but I don't have other highend DACs for comparison, the only other DAC I have is the Hugo 2.
Some of what has been said of the Terminator is true. It is a more of a forward DAC. Mainly I think due to the Terminator has a slight lean on the V shape. Not overly so, but enough that it will not be associated with midrange warmth. So if anyone need some warmth to it, might need something to add that down the line. The is enough air and smoothness to the high, yet not piercingly so like some system. The bass is fast, crisp and well defined. Whenever anything hits it is hit with quick impact.
The Terminator is very very detailed. You know with most DACs when there is a voice in front, just someone just talking, most of the time it is quite obvious it is not real. The Terminator has enough details and texturially (texture... rially.. is that a word?) correct that all the little hiss from the voice shows up.
Imaging wise, instruments are thin and focused. Soundstage is wide and deep into the wall. Instrument separation is also very well defined, esp in a loud piece of symphonic music.
The result is that the Terminator produce such a level of realism, it is very addictive listening to it.
As for whether it is analog... I don't know. I don't have a good enough analog source to compare. I do hear that from my modest LP setup, analog does excel very well with texture and imaging.
I mainly listen to it with NOS mode. Some ppl like the OS mode. I think the OS mode smooths out the top end a bit too much, and less detailed and focused. It might be a bit less fatiguing in the long run.
Now, the Ares. The Ares shares the same overall sound character as its older sibling. But like the underaccomplished child of the family, sounds like the older brother but not as refined.
The Ares shares the same wide and deep soundstage as the Terminator, it also shares the slight V shaped tonal balance. Bass is fast, crisp and well defined.
However, the Ares isn't as detailed as the Terminator. There is obvious less texture. The upper end is not as extended. Focusing is also a bit more sloppy so instruments are more rounded. It is as if a lens is ever so slightly out of focus. So the color and everything kinda shows, but not forming as sharp of an image.
As a result, the realism isn't as apparent anymore.
Now, the Ares is like 1/5 the cost of the Terminator. I'd say it gets around 70-75% of the performance. Is it good value? probably, but ultimately, if one is looking for absolute performance, the Terminator is it.
Oh, and the Hugo2. The Hugo2 is like a child from another family. It doesn't share the same signature as the Denafrips family. And one would not mistaken the 2 families.
It is quite detailed, and slightly more warmth / less V. Imagining is not quite as sharp. It doesn't have the amount of air and high frequency extension as the Terminator. The bass is a bit more sloppy.
The Hugo2 is a very competent DAC. I think it is more than the Ares but not close to the Terminator. The Hugo2 beat the Ares on clarity and texture, but loses out on sound stage and bass definition. The Terminator beats it on everything to be honest.
Overall, I think the Ares is nothing too spectacular. It is a decent DAC and at the current price / used price, is not a bad deal. I am sure there are better DACs at the same price point but I have also heard way worse DACs at much higher prices. However, the Terminator is something special. The realism just pops out once plugged in. As I said, I don't have any nor have I listened to any other super high end DACs to compare with, maybe that's just normal and I am overreacting!
Last disclaimer. Both the Terminator and Ares were purchased used and as a result, well burned in. I also put in maybe 100-200 hours producing music (I am trying to burn in another toy that I got). I also leave them plugged in and on around the clock. The Hugo2 is powered using the stock power supply. I once in a while unplugged and power it with battery but have not noticed any difference.