Had a good 45 minutes of comparing the DragonFly and the HRT MSII tonight. These DACs are fed from iTunes - Audirvana Plus - DAC - Little Dot MkIII - Sennheiser HD650.
FIrstly, the MSII is a good DAC. However, to my ears, the DragonFly is more resolving. I pulls a bit more detail then the MSII. The best way I can describe it is that when going from the MSII to the DragonFly, it is like some clouds moving away to reveal a sunny day. The soundstage is also slightly wider with the DragonFly.
The DragonFly is a little harsh compared to the MSII. The MSII is a little more laid back then the DragonFly, and the DF is more energetic, but gets a bit rough around the edges when the material gets complex. Like "Despair" from Dark Knight Rises soundtrack.
I thought I'd also pull out the Rega DAC from my main system to have a listen. And wow, yes, it is about 4 to 5 times the cost more, but it just does a lot more things right compared to the DragonFly and the MSII.
Time to save up for a better DAC for my headphone setup. Although, I think the MSII and the DragonFly are pretty good for their cost.