DAC’s

The MA3 is a streamer/DAC but the streamer section is not as good as the DAC, and if it necessitates the use of Roon to stream then as others point out you will need a Roon Core to feed it. As well, Roon software has a great UI, but is not the best sonically.

The Lumin T3 is a streamer/DAC with its own propreitary software so it’s truly a one box and done source, plus it has very good build quality and manufacturer support. Sonically it is resolving and dynamic, but loses out just a bit on soundstage and tonal/textural accuracy compared to the Holo or Denafrips you mentioned - but then again you are saving minimum $2K on a streamer transport.

If you value soundstage and tonal/textural accuracy as must-have primary strengths then really stretch the budget and get either the Holo Audio May "KTE" or the Denafrips Terminator Plus 12th Anniversary AND MAKE SURE YOUR STREAMER TRANSPORT IS HIGH QUALITY (ignore the naysayers, EVERYTHING in a digital source chain counts).

Suggestions for a streamer transport are a Lumin U2 or an Auralic Aires G1.1 - or go all out and get an Aurender N200, the very best streamer transport under 5K IMO.

Also like my P1 the T3 has a USB out so it functions as a VERY good transport as well - I often use my P1 out via USB or BNC to a Lampizator Baltic 3 for a different sort of presentation, so in a sense you are getting 2 for 1 with the T3 - indeed, I just ordered a Gustard R26 to see how an R2R DAC sounds in my system!

@lpretiring will get the R26 Monday but burn-in will take a week, I will let you know in this thread when ready to comment. BTW I had and sold a 2020 Terminator II so I have had an R2R before but sold it to get the Lampi and now I don't want to spend more than the R26 to have the R2R sound again - but I will sell the R26 if it isn't at least as good as the Termi II, though right now I don't have clue which other R2R I'd go for...

@lpretiring so after 4 days so only maybe 20+ hours I can say with total confidence the R26 is the very best under $5K DAC I've had in my system so far including the Terminator II I sold recently to fund my purchase of the Lampi.

System:

Audioquest and Transparent cabling

Melco S100 ethernet switch

Singxer SU-6 DDC

Lumin P1 using fiber optic input

Gryphon Diablo 300

B&W 804 D4s 

Midrange, soundstage and imaging are very good, indeed the midrange is as good as the Lampi except for voices. The only thing is it's a bit light on bass, but it's early days, I will post again here or you can PM me so we don't hijack this thread. FYI I am using the I2S and COAX inputs so have not yet tried the USB or Ethernet implementations, I will get around to USB eventually but have no need to use it as a streamer.

I'm very surprised frankly, although I did read some glowing reviews of it, usually I'm left underwhelmed, this DAC is truly excellent value.