DAC Choices - $5,000 to $7,000

@grannyring , I heard those same comments about the Morpheus relative to the Pavane and Adagio, although the reviewers did not seem to think so.  I sometimes wonder about reviews but have previously found Srajan at 6moons to be reliable and mostly aligned with what I hear.
I plan to reach out to Ben and see where that leads me.

@cal3713 
Thanks for the suggestion.  Does that use their LDR unit or something else?
I have been looking at Khozmo and Steve McCormack believes they will work for me.
Khozmo Shunt

@cal3713 6 - My communication from Benjamin was that lead time would be 6-8 weeks if ordered prior to the holidays and as much as 8-12 weeks if ordered after.  It sounds as if the wide range is 6-12 weeks, depending on demand.  If somebody is interested in ordering one, I suggest contacting Benjamin directly so he can provide the most recent backlog update.

Thanks so far.  I have owned a Lampizator L4 G4 (I believe that was the number) and it was ok but the soundstage seemed larger than believable at the expense of resolution and dynamics, particularly in the bass which was big (somewhat bloated) and was not particularly hard-hitting.  I know they have improved since then but I have trouble identifying the differences between their many choices and I don't particularly like how they keep changing the lineup.  In addition,  I run my system fully balanced and most Lampis have single-ended outputs (which I can accommodate) and they also use a USB input, which I cannot accommodate from my Metrum Ambre endpoint.  I would have to go back to something like the SOtM SPS200 Ultra I used to own.  In any event, I appreciate the recommendation and will take a look since many people seem to like their DACs.
I have not really considered Chord.  I guess I heard the Dave was the model to own, which I could probably swing if I purchased used.

Thanks all.  Not sure why the Bricasti was not on my radar but I am going to look into that one a bit more. 
@tvad , since you have the VRE-1c, I assume you are controlling your system volume from that preamp.  Do you set the volume on the M3 all the way up or is there a volume control bypass (jumpers or a switch) that allows you to take the volume control of the DAC out of the signal chain?   Have you tried it both through the preamp and DAC-direct into your amp?  Any observations to share?

@jgoldrick , Thanks for reminding me about Totaldac, which has been on my list. Everything I read about how they sound seems that one of their DACs would be perfect for me but man, they are expensive. OTOH, their gear holds its value and their basic ladder DAC design has been pretty stable, which I like. Since I run my system balanced, the model I would want most would be the Totaldac Dual, which I believe now equates to their d1-six model. However, I can run a single-ended DAC into my preamp/buffer, which can then output a balanced signal to my amplifiers without penalty since the conversion is done through a pair of really expensive and high quality Lundahl transformers, so the model you have would still work for me. Regarding your experience with Totaldac, are you in the USA and, if so, how was your buying experience and how do you view the level of support available?

@veroguy , What I like about the Mojo Mystique EVO is the level of attention Ben has paid to the power supply. My SMc Audio preamp/buffer uses an expensive choke power supply and I know those are not cheap to implement but can be quite helpful to power regulation and quietness. I am a big power supply guy since my experience is that excellent attention paid to the power supply equates to good sound. This is one reason I sometimes find it hard to purchase gear further down in a manufacturer’s line, particularly if they have cut costs by cheapening the power supply. One apprehension I have with the Mojo DACs is that his gear has been sort of Lamizator’ish in that it seems to often change, which affects resale value. On the other hand, I know Ben is a great guy to deal with as he helped me get into media-less audio with my original Mojo Mac mini server. Also, I always appreciate buying my gear Made in the USA, when possible. I would really like to hear at least his B4B Evo DAC in my system and the 45-day trial period he offers is hard to argue with so I will give this one more consideration.

@cal3713 , yeah the Totaldac measurements are a bit confusing but there are so many folks who like how they sound.  I will look into whether any of the Mojo DACs have been critically measured as I would be curious to see how they measure.  The Holo May has been measured by two publications and seems to have done well.  It is certainly nice when measurements and sonics align, but it does not occur in every case and for me it is not absolutely necessary as long as I like the sonics.

@grannyring , everybody says their gear is "upgradable" but the reality is that in this hobby I have heard that more than seen it.  In many cases the new technologies force changes that are not retrofittable.  In other cases, it simply doesn't make economic sense.  One thing for sure, Ben's 45 day trial period is generous and if I decide to take advantage of that I will be committed to purchase except in the event the sonics simply don't match my preferences.  I would be interested in what your friend thinks of his Morpheus.  I am still not convinced it is a better sounding DAC than the two upper end Metrum DACs, based on reports from people who have owned both and also considering the less robust power supply and reduced level of isolation compared to the Pavane L3 and Adagio.  I am in a good position of having a pretty good sounding set-up currently so can afford to be patient as I search for something better and a bit different.

@jgoldrick , thank you for the additional information on Totaldac. 

@rushfan71 , this is why it is so important to hear stuff for yourself.  Although you and a couple of reviewers indicate the Morpheus may have a touch more meat on the bones than the Adagio or Pavane, I have spoken with several others who have indicated they hear very little if any difference between the Morpheus and the Adagio.  I have heard from a couple of people, and from Granny's post below, that the Morpheus is thin sounding, and from one industry insider who recommends using a preamp or buffer with either the Morpheus or the two top Metrum DACs. 
My personal finding with both the Pavane and Adagio (both of which I have owned) is that they have good tone and detail but need a preamp or buffer to achieve the level of body I enjoy. I am hoping to find something with a similar level of tone, detail, and naturalness, but with a bit more body and weight.  It seems the Bricasti M3, Holo May KTE, and Mojo Mystique may provide this and also possibly the Rockna Wavelight and Terminator.   

I contacted Ben at Mojo Audio.  Apparently there is a lot of interest in the Mojo Audio Mystique DACs, including refurbished V3s (if you can find one to refurbish) and especially the newer EVO range which Ben says is noticeably better sounding.   Kudos to Mojo Audio for supporting their older products.  The level of interest has resulted in some necessary lead time between ordering and receiving a DAC, which is expected.  This success also indicates the design parameters must be effective and is a good thing for Mojo Audio.  I continue to be impressed with what he is doing with the power supply and would not be surprised if I were to like the sound.  
While, for me, cost is not necessarily the overriding factor, I do like to keep things in perspective relative to not only the rest of my system but also to what I really want to spend for this purchase (vs. perhaps a really high quality gravel bicycle), and especially given the temporary nature of digital electronics where everything is the flavor of the day but it seems like the shelf life is only 2 or 3 years (in many cases) before something better comes along.
In the case of the Mystique EVO, it starts at $6K for the base model (which is in my range) but there are multiple options that are a "notable improvement" and can quickly push the price up by up to a couple of $K.  The middle of the range "bang for the buck" (B4B) model is $8K and subject to options as well.  This is well into Totaldac territory so I need to consider whether their products fit my purchase parameters.  I will not rule out the Mojo Audio DACs since the design philosophy seems to be aligned with what I have found to sound good, and also because they are a USA company that supports their former products, but I may take a step back and ask myself, since things sound pretty good now, what do I want to pay to move forward, especially with digital gear, where the cost to performance curve continues to flatten out as technology improves.  

Thanks for all the suggestions.  I strongly considered quite a few of the recommendations but in the end, and without the ability to hear these, I believe the Holo May KTE is the DAC I need to try.  It has pretty much everything I am looking for especially considering I have come to appreciate the sound of R2R NOS type DACs.  The Holo May KTE has a lot of features I was looking for, including a dual mono layout, huge power supply in a separate enclosure, I2S input, balanced outputs, decent sized display, and the ability to process PCM and DSD to high sampling rates.  The 40 pound weight indicates a solid build quality.  The DAC measurements reported by John Atkinson at Stereophile and by atomicbob on the Super Best Audio Friends site were very good and the print reviews so far indicate the DAC is very musical sounding. 

One thing the May doesn't do that I was sort of looking for is control volume but I can simply reengage the volume control in my SMc Audio preamp that I have continued to use as a buffer with my Metrum Ambre DAC that does control volume.  I have been working with SMc on how to replace the Shallco switch with another option that can be remote controlled and can provide a display.  I guess I will work on that project while I am waiting for the Holo Audio people to build my DAC.  

The main other contenders I would have liked to have heard were the Mojo Mystique EVO (any level), Mola Mola Tambaqui, Bricasti M3, and Weiss 501.  Of those, I probably had the most interest in the Mystique since it is an R2R DAC, but the others are all well known, all provide more features than the Mojo DAC, and are all reported to sound excellent.  Thanks again for all the suggestions.

@johnss 

until you get above that price point, think there is only one..the denafrips terminator.

I am curious what other contenders in the price range you compared with the Terminator - did you try the R2R Holo May KTE or the Bricasti M3 that have been discussed in this thread?  

I had the Aqua La Scala MKII (not optologic) here for a couple of weeks a few years ago.  I liked the Metrum Pavane I owned at the time better.  The Adagio I own now sounds virtually the same as the Pavane but the Optologic version of the La Scala may sound better than the version I had here.

If you can live with the boxes, you can sometimes find all three SOtM Ultra units (including the switching PS, which is pretty good) being sold at a good price.   They did sound good but in a full-bodied sort of way with maybe a smidgen less resolution than from the Ambre.  Both were grainless and musical.  It was really a pretty close comparison with the Ambre, and I owned both units at the same time.  The Ambre was just a little more dynamic and hard-hitting and the SOtM a touch richer sounding. However, they were so close I chose to keep the Ambre because it is only one box and because it dropped Roon less often (from seldom for the SOtM unit to pretty much never for the Ambre) and was easier to restart after powering down.  The GAIA looks like a nice unit.

BTW, how did your friend modify the Ambre and in what ways did the modification make the Ambre sound better, if you can share? 

@rsjaurr
One thing you said rings true for me and makes me reconsider my goals:

I highly doubt if any other DAC can give you better sound in an almost similar price range.

I am starting to wonder whether buying something else will only show me how good I have it currently with the Adagio. I want to stay with R2R so the Holo May KTE and the Mystique will stay on my list of DACs to satisfy my curiosity, and of course I would jump at a good deal on a used Totaldac.

However, another consideration is the specific implementation. When I read about people who say so and so DAC is better than another DAC, I wonder about their implementation. For example, the USB input and RCA outputs on the Adagio/Pavane are not supposed to sound as good as the I2S input and balanced outputs (both of which I use). The rest of my digital chain (Ethernet/Bonn switch/TP Link Fiber Optic converters/Ethernet into the DX/Ethernet into the Metrum Ambre/I2S into the Adagio/then balanced outputs) should optimize the sound of the Adagio.

Regarding preamps, I have owned the Lamm LL2 Deluxe, NAT Symetrical, CAT Ultimate MkII, and other pretty good tubed linestages, and none of those gave me as much satisfaction as my current SMc preamp. Thank you for the reminder that the Adagio is a pretty good DAC.

In my world, I2S out of the Ambre has been the best sounding input into the Adagio, followed by AES/EBU, with S/PDIF and USB being less desirable. To my ears, using Ethernet from the Roon Core into the Endpoint (i.e., the Metrum Ambre), and having no USB interfaces in the signal chain has been a sonic improvement - and yes, I did try some pretty good cables (i.e., Totaldac and Curious) as well as all the usual suspects in the world of small box USB do-dads.

Since I also own a Jade, I did pre register for the DAC3 upgrade but wasn’t clear whether that upgrade also affected the Adagio/Pavane, although I let them know I own both.

I have no experience with the Gustard U12 but I see it is a USB (input) converter so I assume your source is a computer. If you are able to use a direct Ethernet connection, the Ambre works great and was sonically comparable when I owned both it and the SOtM Ultra trifecta (slight differences but both units sounded good). The I2S output connector from the Gustard uses HDMI so you will need to adapt that to RJ45. Hopefully the Gustard or Metrum folks can help you with the wiring. Here is a review of the Gustard U12 with measurements, in case you have not seen it.  BTW, if you heard positive improvements by using the Gustard U12, the Denafrips GAIA should perform very well for you since it looks like a serious piece of gear and quite versitile.

@pgalvin - Glad to hear you like the May.  Can you share which level it is - i.e,. KTE or one of the other levels?  How does it do with dynamics? 
I was lucky to find a used Mystique, which will be here tomorrow so I am looking forward to hearing that one.  However, the May KTE is still on my list.

@facten - I definitely agree with your recommendation to contact Ben directly as he is quite helpful, but I can share that I did contact him and as of a week ago he had 6 people on a pre-paid waiting list to receive a factory reconditioned Mystique V3 so it must be a popular option.  I was just lucky to stumble across a V3 listed by a private seller and glad I was ready to respond quickly to purchase it.

@rsf507 - Mystique V3 with balanced outputs, it arrives tomorrow from an excellent seller (super fast ship) over on USAM who upgraded to an MSB.
I am really curious the hear what all the rave reviews are about and how it compares to my Adagio.
I have not seen any EVO level Mystiques for sale on the used market yet.
The question of which input to use is interesting since my Ambre endpoint doesn’t have a USB output, but it does have S/PDIF and optical. If I want to use the USB input, then I need to give up the advantages of using a Roon endpoint and connect the Mystique directly to my Antipodes DX L3 server, or purchase something like the SOtM trio that I used to own.  I connect the Adagio to the Ambre using I2S.

@rsf507 - Fed Ex is really busy and delivered it later than expected - this evening.  Since I have not had time to connect it, or to reengage the volume control on my preamp, I am going to need a couple of days or more to really get to know the DAC.  I can set it up tomorrow to run amp-direct through a balanced Goldpoint attenuator I have here, but I will probably not know how good it really sounds until I can run it through my preamp.  I would like to have it figured out before the end of the year in case I want to take advantage of current pricing on an EVO level Mystique DAC (before the planned 2021 price increase).

Even considering a less than optimal set up, the Mystique V3 is sounding pretty darn good over here.  Sort of a hard call vs. the Metrum Adagio since my system is currently set up for the Adagio DAC, using its own internal volume control.  My current digital set up prior to the Mystique V3 goes like this:

• Hardwired Ethernet from Orbi router to Bonn switch, then TP link optical isolators, then into the Antipodes DX L3
• Ethernet from Antipodes DX to Metrum Ambre (Roon Endpoint) 
• I2S from Ambre to Metrum Adagio DAC with internal VC
• Balanced cables from Adagio to SMc Audio preamp with VC removed (currently a unity gain active buffer)
• Balanced cables from preamp to SMc Audio monoblocks

With the Mystique V3, currently running:

• Same as above then Canare rca digital cable from Ambre to Mystique V3
• Balanced outputs from Mystique to Goldpoint Attenuator (i.e., VC)
• Balanced cables from Goldpoint to SMc preamp/buffer (still without volume control)
• Balanced cables from preamp to SMc monoblocks

I believe the Canare cable and Goldpoint attenuator are weak points but not sure about S/PDIF vs. USB inputs and whether one is better than the other on this DAC - Benjamin was not definitive on this point.  Therefore, I plan to try:

• First, taking the preamp/buffer out of the signal path and running balanced cables directly from the passive Goldpoint volume control to the SMc amps, and then
• Second, moving the Mystique closer to the Antipodes DX L3, which I can use as both Roon Core and Endpoint and therefore output USB directly from the DX to the Mystique V3.  I have both Curious and Totaldac USB cables here to try along with W4S recovery and ifi stuff I can use in-line if I want.  When I used USB, my preference was simply the Totaldac cable.  I will still need the Goldpoint sitting over by the amps to control volume and can try this approach both with or without the preamp/buffer.

The other thing I can do is to reattach the VC in my SMc preamp so I can try the same things listed above without the Goldpoint unit in the signal path - one less box.  I am in the process of figuring out how to implement a remote controlled volume control with display in my preamp and am considering both Khozmo and Tortuga units.

The other possibility is to try a different endpont with a USB output, such as the SOtM trio that I used to own.

I would like to get this figured out since the Mystique is possibly good enough to consider trading in on one of the new EVO models, which will be going up in price in January.  I will not yet say the Mystique V3 is flat out better than the Adagio but it plays harder and fuller in the bass and has perhaps a bit more tonal color over all.  So far, what I would call it is a very musically addictive DAC.

I hear you on all the connections. The system was optimized for the Adagio, which is different from the Mystique in two significant ways, the Adagio uses an I2S input and it has a lossless internal volume control.  Since the Mystique has neither an I2S input or a volume control, I now have to sort out whether S/PDIF or USB input sounds better and a method of controlling volume.  I am going to try it connected directly to my Antipodes DX server, which can perform duties of both the Roon Core and Endpoint when used through its USB output.  I will get it figured out. 

I ended up with the Mojo Audio Mystique EVO B4B 21 D/A Converter (with a couple of upgrades) and have been pleased with the sound.  For various reasons, I am glad that I didn't go for any of the three DACs listed in my OP, although maybe the Terminator Plus could have worked for me.

No piece of audio equipment hits it out of the park in every area so it really comes down to finding gear that matches your sonic preferences, ergonomics (i.e., features/functions, display, size, and appearance), and budget.  The main things I like about the EVO B4B are the rich, natural sounding tonal qualities, and the total absence of any digital thinness or stridency.  The trade-off seems to be a leaning toward body vs. detail.  I find I can listen to a wider range of music without fatigue because of that.

Benjamin doesn't sit still so he has come out with a new Mystique X DAC that will be offered at various levels and prices.  I was a little disappointed by Mojo's abrupt change to move away from a model and style of DAC that was intended to be EVOlutionary, i.e., somewhat "futureproof" and upgradable.  I suspect there were some supply and construction cost issues that forced the change.  However, on the plus side, with Mojo you basically end up with a bespoke product that is built to a very high quality, using traditional designs to create the most realistic sounding music reproduction they know how to achieve.  If he can offer the same sound quality at similar or lower prices with the new line then good for him. 

If I were purchasing today, I would look hard at the Mojo Mystique X and the new Sonnet DAC, the Pasithea, both of which are due out soon.  In addition to whatever upgrades the Pasithea offers over the Sonnet Morpheus, I probably wouldn't purchase either unless they improve on the hard to read display in the Morpheus.  I have been spoiled by the display in my Hattor BIG preamp, which can be easily seen across the room.   

The Merason DAC1 discussed by @starboard looks interesting and well-constructed but The Ear review had a couple of comments that seemed to move the DAC1 away from the type of sound I enjoy from the EVO B4B DAC:

"Merason takes a more black and white view and has voiced the DAC1 to be as revealing as possible and hang the consequences, whatever your source is producing that’s what you’ll hear." and "The tonal balance remained on the light side however and while this works beautifully with better recordings it can feel a bit uncomfortable with lesser ones,..." 

Interesting @starboard . The reviewers do not always get it right for whatever reason. Jason Kennedy has been reviewing for a long time and I believe he was with HiFi+ prior to The Ear. Here is another positive review by Part-Time Audiophile.

Thank you for the clarification and for sharing your comparison with the Mystique v3. Mike at Tweek Geek is a good guy to deal with and if I was looking for a DAC, having a home trial is a great way to go.

@cal3713 
I do like the Mojo Mystique V3.  The attributes that set this one apart for me include its fleshed-out, natural-sounding tonality, excellent dynamics, and hard-hitting bass, which probably results from the overbuilt power supply.   The sound stage seems to have realistic proportions with respect to singers and instruments being stationary and in proportion to each other, but I am typically more focused on tone and dynamics so may not be the best judge of how that aspect may relate to other DACs. 

After trying various set-ups, at least in my system, I like the USB input best. Because of my system layout, I was really hoping the S/PDIF input would sound just as good or better so I could continue running Ethernet from my Antipodes server to my Metrum converter/endpoint and then a short digital cable into the V3 DAC (I was previously using I2S from the endpoint into my Metrum Adagio).   However, to my ears it sounds better using a USB cable directly from the Antipodes DX L3 into the Mystique V3, so I repositioned the DAC closer to the server, which requires that I run longer IC cables into my preamp.  Of the cables I have on-hand, the Curious sounded better than the Totaldac D1, which is the opposite what I had previously encountered (I wonder how the Curious Evolved would sound?).

The decision to upgrade was difficult because the V3 sounds so good.  However, I like the idea that the new EVO units are more modular and will be easier to upgrade in the future and, of course, Benjamin says they sound better.  Therefore, I am currently finalizing the details of an upgrade to the B4B EVO.  

@thaluza - It sounds like we are getting pretty much the same thing and the same deal.  I did not want to add a bunch more upgrade options since there are several of the former 2020 model upgrades that come stock with the 2021 model, but I am adding the Class A output stage upgrade.  I believe I would like the look of the new chassis as Benjamin described it to me but, given the option, I appreciate that I can get the price break by using the 2020 chassis.  The ferrous chassis will provide better shielding from EMI fields that can result from other components which are located in close proximity or stacked on top but if that is not an issue then the aluminum chassis should work just as well and may provide a better resonance characteristic.
@jimmy2615  - My balanced V3 has Hammond chokes and no upgrades that I am aware of.  However, it sounds wonderful and so it was a hard decision to upgrade from that.  It will be a great deal for somebody who wants most of the EVO sound at half the price.  I am hoping the EVO B4B21 offers sonic improvements in the range of 10 to 20 percent over the V3 and then I will also have the benefits of better boards and modularity to allow for easier future upgrades, such as the cap upgrades.  The S/PDIF input is also supposed to be a significant improvement as is the grounding scheme and a few other features.

Been playing with USB cables here.  
After using I2S for so long, I forgot how much USB "stuff" I had accumulated that I could try.  Cables by Totaldac, Curious, and Wireworld, plus the dual run Gemini cable by ifi.  I also have the W4S Recovery, ifi USB filter, and the ifi iPower that can be used to separate the power leg of a USB cable, particularly the Gemini.  My Antipodes DX G3 server has both powered and unpowered USB ports so I can use the Gemini cable without the iPower by connecting the power leg to the powered USB port and the signal leg attached to the unpowered port, so the signal does not travel in proximity of the power, or I can use the iPower but that requires another short USB cable between the powered port of the DX to the iPower (I have very short USB cables by both Curious and Wireworld for that purpose).

No clear winner yet.... 
Curious (yellow) - Really nice body, good tone, smooth, a little "thick" sometimes
Wireworld Starlight 7 - Smooth but maybe a little thin sounding
ifi Gemini - Good but not great across the board, a little recessed, competent
Totaldac d1 - Clear, good tone, near-neutral on the thick/thin scale, quite musical

I am starting to remember why I didn't like USB...none are perfect (at least yet) and while differences are mostly subtle, I do hear differences.  So far, I think the best two are either Totaldac d1 (probably first place) and Curious with or without the Recovery and with or without the ifi USB filter.  I think the benefit of the Recovery may be a little greater with the Curious but the benefit of using the Recovery and/or the ifi USB filter are subtle at best, and maybe a wash, so I need to listen more to be certain.

Interesting that Benjamin has discussed with me how much better S/PDIF can sound through a good Ethernet to XLR, AES/EBU, or S/PDIF converter, which is why he has included the S/PDIF signal path upgrades on all future EVOs, including the one I am getting.  I know on my Metrum Adagio, the I2S input from the Ambre converter sounded best, but was very closely followed by AES/EBU from the same converter, which was a little bolder with great bass.   I will be very interested in hearing AES/EBU out of the Ambre and into the EVO. 

I have worked things out with Benjamin and have taken the plunge on a new Mojo Mystique EVO B4B 21 (in the 2020 chassis). The wait would be more difficult except that he is letting me keep my Mv3 trade-in unit until after I receive the new EVO DAC, which I appreciate. I understand the EVO is likely to be an evolutionary (rather than revolutionary) improvement over the Mv3, because the basic design has not changed. However, I have heard what is possible from evolutionary improvements through my SMc Audio gear so I will be excited to hear the EVO when it gets here.
There hasn’t been any activity on the previously linked EVO thread since September so not sure if that means nobody here has received a new EVO unit since then or if they are all too happy enjoying their new EVOs to post. The only professional review I have found so far is the one on Audiophilia although The Sound Advocate was supposed to have reviewed an EVO in December.

@ddafoe There are so many variables, I would not be much help.  In my system, for USB I come directly out of the USB port of the Antipodes DX G3 server with a 1M USB cable.  For S/PDIF, I run 9 feet of Ethernet from the DX to a Metrum Ambre converter/endpoint and then a short S/PDIF cable to the DAC.  There are some handicaps in that my S/PDIF cables are not of the same caliber as my USB cables and my better S/PDIF cable (Oyaide DB-510) has BNC terminations, so I am using BNC/RCA adaptors at each end of the cable.  OTOH, with the USB input I position the DAC closer to the DX server so I have to use a longer pair of interconnects.  Too many trade-offs to make a consistent judgement, except that as you pointed out, I too lose a little edge (detail and excitement?) through the USB input.  When I get the EVO, I plan to spend more time figuring out how to optimize the sound through its upgraded S/PDIF input, probably using AES/EBU, but but I will certainly try USB as well.

Thank you @cal3713 for the information and reminder on digital cable length.
I don't want to go too crazy with changes just now with the EVO coming in month or so but I am interested in hearing recommendations for both digital cables and Ethernet converters so that I can stay away from using USB.  Best case for me would be that my Metrum Ambre (Ethernet input and outputs for everything except USB) would sound good particularly with the improved S/PDIF input on the EVO.  I assume and hope the improvements apply to the AES/EBU input too since I have always found it to sound bolder than S/PDIF through RCA or BNC.
I will certainly be trying all combinations to optimize the sound from the EVO and while I don't want to spend thousands on a converter, I will consider options that clearly enhance the performance of the EVO.  I have so far not gone crazy on digital cables (because I was enjoying I2S with my Adagio) so my current best AES/EBU is the Triode Wire Labs digital XLR cable. 

@facten  - Thanks for the tip on EVO inputs. I had previously been using the Metrum Ambre as a Roon endpoint and I can output either RCA SPDIF or AES/EBU from that. I can also use USB directly from my Antipodes DX, which is how I am listening to the Mystique V3.  With the Adagio, I liked either the I2S or the AES/EBU.  With the gear I have here I can try all three of those input options with the EVO, so it will be interesting. 

@cal3713 - the Sw1x DACs look interesting and remind me a little of Audio Note.

@yyzsantabarbara - Thanks for the AudioByte recommendation but the DAC ship has sailed for me, at least for now.  I sold my Metrum Adagio and like  @ddafoe, I am currently enjoying the Mojo Mystique V3 Balanced.  I actually like it so much that I will (hopefully soon) be receiving a new Mojo EVO B4B DAC.  Benjamin at Mojo is helpful with trade-ins so I can keep the V3 until I receive and try out my new EVO. 

At the same time as I await my new EVO DAC, Steve McCormack is building me an SMc Audio UltraDAC G (or whatever he will call the highest level he can do with the McCormack DAC-1), which will include the new board they have made for the McCormack DAC-1 and also their Gravity Base.  The UltraDAC will be limited to Redbook resolution but some folks believe it sounds outstanding within that limitation.  Since probably 95% of what I listen to is Redbook quality, and since I trust the results of  Steve's work, I will keep an open mind.  It doesn't hurt that I need two DACs so I can keep both. 

@dsper - FYI, no need to rebuild anything as the Mojo Mystique V3 Balanced also has single-ended inputs - and so does their new EVO DAC.  I run my gear balanced so I have not tried the single-ended inputs but you could maybe take a look at the reviews and whether any of the reviewers tried it through the single-ended inputs.  You could always contact Benjamin and ask his opinion as to the sonic differences between using the balanced and single-ended inputs.  He is quite responsive to questions.

Thanks @facten for posting the review of the B4B.  I hope the reviewer got it right because what he described is what I hear from the Mystique V3 and exactly why I ordered a B4B:

It sounds organic. It sounds Natural. It sounds like music. The detail and resolution are all there, but never highlighted or overt. Pace and rhythm, toe-tapping yes oh yes. High-frequency extension and low-end oomph? You betcha! How about stage depth, image density and localization, and overall presence? Consider yourself chillin' in the jazz hall, dressed to the nines at the Symphony, or stoned out of your mind from second-hand smoke at the stadium. The DAC belies reviewing because as a digital source, it just doesn't sound digital. Every time I sat down with my notepad to take notes and critically analyze the damn thing, I just ended up listening to music.

I ended up with Mojo Audio's Mystique EVO B4B 21 D/A Converter, which I found to sound a bit better than the Mystique v3 it replaced, but cut from the same basic cloth.  It cost a bit more than the budget I posted to start this thread last December.  As @jimmy2615 reports below (or above depending on how you sort), it serves the music very well.   Not sure which version Jimmy heard but IMO the B4B 21 displays great tonal color, deep, dynamic and slightly rounded bass, and no noticeable SQ shortcomings but maybe (and subjectively) falls just a bit short of some other very good DACs with respect to all the audiophile markers.  I also have the Deja Vu EVO Media Server and I am fully satisfied with the musical sound resulting from that combo in my system. 

Any user reports on the Sonnet Pasithea (with VC) yet?