I've posted some impressions on the Ares here and there, but I'll include some, mostly repeat, here.
Shipping was quick. It is a dense brick. Impossibly dim LEDs and arguably "boring" utilitarian appearance. Seems to be reasonably well constructed, for the price, but there is no bling, billet aluminum, copper chassis, weighty buttons/switches, etc. Probably not going to impress anyone, if that's your thing.
Only used it with digital coax in and rca outs.
Very quiet.
Compared to the internal DACs in a Sonos Connect and Oppo 95 and to an Emotiva DAC, it is warm, organic, and full. The bass is noticeably weightier.
It takes some metallic edge off what the Oppo and Sonos have. It adds a depth and richness the Emotiva lacks. I'd say the Ares doesn't have the last word in leading edges, ultimate detail retrieval, or crispness in the highs. Maybe just a tad dark sounding compared to the above and to a Cary DAC (in SS mode). My ears, my gear, of course.
I think it is a nice value. There is an analog-ey "realness" that proved helpful for me toward balancing out a bit of brightness and forwardness in a tertiary system.
Curious about the Terminator.