we did ab tests this afternoon. we had hegel hd12, naim dac v1, hegel hd25, brand new simaudio moon 380d dsd. amplifier was a devialet 200 wich also has a fantastic dac. speakers were monitor audio gold series gx300.
the poorest performer of the bunch was the naim dac v1. at twice the price almost of the hegel hd12 it is only if you are a fan of naim and like it's cute look. soundwise it is not impressive. and it is very expensive.
the hegel hd12 is just as good as the hd25. sorry to say it but I was with 2 other guys, including the owner of the shop who has heard just about everything on earth and we all agreed that hd12 is just as good. and since it has dsd capability and headphone amp I say it is a much better deal than the hd 25 wich is a 2500 bucks dac. the hd 12 is 1400 and it's dac section is equal to hd 25. there you go.
hd 12 and hd 25 also have slightly better sound than moon 380d wich is a very good dac. but way overpriced.
the devialet dac is fantastic. if I had the cash I would have a huge devialet sound system. those things are amazing. the hegel stuff sound just as good but has way more conservative look. devialet is a work of art.
I ordered an hegel hd 12. I will have it tomorrow. they have it in stock at the hegel distributor in montreal.
the name of the shop were I played with all those toys is, musique avant tout. it is located in Chicoutimi in northern quebec. it is the only high end shop in the sector.
http://www.musiqueavanttout.com/
it's all in French sorry.