I have had the opportunity of comparing the Terminator with the Holo Audio Spring 2 Level 3.
The Terminator has had the V3 DSP board since mid March (see pic). I also compared both DACs in my setup with a Rega RP10 and Alpheta 3 MC cartridge.
My setup consisted of Antipodes EX music server running Roon feeding both DACs (USB) which were connected to a Plinius Haratonga integrated Amp running Spendor D7 speakers.
The Rega feed a Plinius Koru preamp. I would consider the overall system to neutral, not overly lean or warm.
To me, both DACs sounded best in NOS mode, most of my listening has been done using 16/44.1k with some 24/96k, 24,192k and DSD.
Both DACs have generally similar sound signatures in terms of tone and "PRAT".
There are differences:
1. The staging on the Spring 2 was deeper and with greater space in front of and behind the performers, and the rendering is further back. The Terminator renders the performers closer almost unnaturally so. The stage width was the same for both DACS.
2. The Terminator has a greater bass presence, however, there was less control and some detail was lost relative to the Spring V2. Both units are not lean in the terms of bass performance.
3. Comparing both DACS to the Rega, the vocals on the Terminator appears to have a slight warmth or a colouration that's not present in the Spring V2, it is subtle but noticeable. Also the Terminator displays a slight harshness, particularly on female vocals.
4. Finally, the Spring V2 renders micro details better than the Terminator in my system.
These differences are not huge, but distinguishable in my system. Other systems will behave differently.
I could live with both DACs, but as a consequence of all my comparisons, the Spring stays and Terminator will looking for a new home
For your Terminator how does DSPv2 differ fm DSPv3. Would appreciate your comments. Tks