I’ve owned a Denafrips Venus II and now the Gustard R26II & heard a Denafrips Terminator+ and a Holo May. That’s enough for me to formulate an opinion. Granted none of these are entry level DAC’s but I wouldn’t be in the market for entry level anything.
I do know that there is a lot more to DAC design than conversion method or chip brand. That is why I said I like a “well implemented” design. I hear something that seems more analog and less fatiguing with the better discrete resistor ladder DAC’s so I am choosing by ear. I’m certainly not the only one that has come to that conclusion. I liken it to some preferring tube gear to solid state even though it doesn’t measure as well. I’m firmly in the, if it sounds better it is better (for me) camp.