ngohw
New Head-Fier
Adding onto this, I did manage to try the Holo Audio Cyan 2 R2R Ladder DAC amongst other R2R DACs. While it undoubtedly provided a nice warm signature, I did feel as though it sounded muddy and I couldn't separate the mids from the instruments. The Qutest was the only DAC I tried that day that completely blew me away with its resolution and balance in keeping the warm signature we love from the S17 Pro, without making the mids overly forwards and zero sibilance whatsoever in the treble.+1 for Chord (in my case the Mojo 2). Perfect amount of detail and natural, non fatiguing sound - great sinergy. You do hear the difference of the recordings sound quality - there are probably better combinations if one mostly hear poorly recorded music (I tend to listen to all kind of recordings, though).
Similarly though I listen to a bunch of different music of different recording qualities, so there are probably some genres of music that R2R DACs outperform FPGA DACs on - but not enough for me to care about!