I have heard both and can safely say that Sr. is definitely worth waiting for. I did and I am loving mine and once it has broken in it is a stunning machine.
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I've owned a "Sr" since they first came on the market, and have been very happy with it ever since.
Paul from PS Audio says the "Jr" is "85%" as good as a "Sr". I've heard both, but not side by side. The "Sr" in my opinion seems to extract a bit more detail from the source, and to me, sounds just a bit more "analog" than the "Jr".
Both models have been improved over time with PS Audio's release of new firmware.
If I were in your shoes, I'd wait and get the "Sr".
I originally had the jr. which was very good. Once I got the sr. broken in after trading up from jr, there was no comparison. The sr. is the best single piece I've ever owned. It is outstanding and more lush and analog like than the jr. If your budget warrants the jr. only, then start with that. You surely won't be disappointed. I use the Marantz Sa8005 as a transport because the directstream is so amazing. I also use it as my preamp direct to my amps. I never imagined that I could listen contentedly without a preamp in the chain. Extremely happy with my system finally.......Dante
This is less relevant now considering the "sale" and large price cuts PS Audio has on their dacs however....I originally purchased a Jr. and noticed before the last OS upgrade a weird pulsing artifact with the Jr once the volume was at a certain level (I think it was at "75"). Extremely weird. I called PS Audio and (Jason?) offered to upgrade me at no charge to the Sr. I’m really happy with the DS dac. For me its the smoothest, most analog dac I personally have heard and that includes some of the r2r dacs like the Metrum units. I purchased the Jr at a significant discount...not directly from PS Audio. All they required was that I return the Jr and they shipped me a Sr at no charge. I was impressed. Go for the PS Audio!