I have to say, I am enjoying the sound of the Pegasus quite a lot.
I owned several DACs from RME ADI-2 to Chord Qutest, Hugo TT2, but my only R2R DAC so far was the Soekris 2541. I prefer Chord DACs to regular delta/sigma DACs, they sound a lot more 3D and more natural than usual d/s DACs. That said, after all the price increases and newcomers from the past 4 years IMO Chord DACs are getting a bit overpriced at RRP.
Back to R2R, as I said my only experience was the 2541. I really liked its midrange, a more realistic tonality, body and texture. I preferred the Soekris to the Qutest or ADI-2 easily. I did have some issues with it though which made me sell it: bass was a little bit anaemic and undefined and extension at both ends was a bit rolled off. This experience was good for me to realise I like R2R tonality a lot and actually prefer it to Chord sound too; but there is a level of technicality and bass rendition I can't go below. I thought, I will only find R2R DACs with adequate technicalities around £2000-£3000 and above which is not really my budget for a DAC only device.
After many positive reviews I thought I give the Pegasus a shot and I have been pleasantly surprised. I wanted a little more warmth and a little more life to my music but with the absolute minimum number of technical compromises. The Pegasus seems to fit the bill. Compared to regular d/s or even Chord DACs the Pegasus is not simply a little warmer, but it is 'sweeter'. I know, it is a difficult term to explain, but 'sweet' is the word that best describes the sound to me. There is a very pleasant and relatively subtle colouration going on which elevates the joy of music listening to another level. With this warmer and sweeter sound, you get a thicker body and more tangible, lifelike texture as well. Singers simply come alive.
That is all good, but what about technicalities? What about the roll off and slightly anaemic bass of the Soekris, or the resolution, space, and instrument separation of Chord? I am happy to report that the Pegasus to my ears reach a level of technical performance that does not leave me disappointed. Resolution is very good, layering, depth and 3D qualities are impressive. Of course, there are better resolving DACs that bring out the finest of details, but for significantly more money (TT2, Holo 3). And to be honest for casual listening this is pretty much all I need. Furthermore, this R2R sweetness comes with great bass. Both in quantity and quality. There is good separation body and punch in the low end with great extension. Even with EDM I did not find the bass lacking at all.
When it comes to vocals and instrumental music, R2R tech, and the Pegasus really start to shine. Very engaging, sweet, musical, almost like a hug. This new sound presentation makes me want to listen to more and more tracks.
So yes, the Pegasus is a great success on my desk, but of course a lot depends on amp and headphone synergy too. Not to mention sonic taste. The Pegasus is not a neutral technical monster. It is thick, sweet and warm but with enough clarity, resolution and dynamics that I do not feel I am missing out on those qualities at all. Surprisingly satisfying level of clarity and detail retrieval for the price and technology actually.
I will experiment further with amp pairings, but I am pretty sure the Pegasus will stay for a while.