I saw that thread became active again, so let me post an update.
I built the Audio Note Kits DAC 5.1. I went nuts and put Duelund tinned copper caps, Vishay Z-foil resistors, expensive silver wire, silver WBT connectors, etc. etc. The list goes on. I am very happy with the result. No regrets that I sold my Terminator DAC. The sound now is more dynamic, more analog, musical, better refined. The bass on the Terminator was always muddy, and now it is very well defined.
I guess it is a matter of personal preference. If crystal clear details is the most important thing for you, the Terminator may very well be a better choice. If you want to experience music and like to feel that the musicians are playing in your room, give the ANK 5.1, the new Audio Mirror DAC, or another well design AD1865 DAC a try.
After I gave the ANK 5.1 enough break-in time, I took my friend’s Audio Mirror DAC at home again and did a lot of A/B testing for over a week. Surprisingly (or not) they sounded so close that it was hard to believe I spent four times more money for my DAC. There were songs I could not pass an A/B test, and there were songs I could. I liked my ANK DAC better, but I still wonder if I tweaked the Audio Mirror DAC with better coupling caps, resistors, wire, connectors, etc. The difference between the two DACs was much smaller than the difference between the streamers in my system. Actually adding or removing the fiber media convertors in my network probably made a bigger difference than the A/B between these two DACs. I think the difference in sound comes down to the different tubes these DACs use, the different coupling capacitors, and a couple minor things in their design - the ANK DAC has more sophisticated power supply, while the AM DAC may have a little better digital section, or at least that’s what I think the differences come from.
A person on another forum with a Terminator DAC contacted me and after chatting for a while, he ordered a custom Audio Mirror DAC with some upgrades I recommended (Duelund caps, Z-foils, and pretty much all the tweaks I made to my ANK DAC). Last I heard he sold his Terminator and was super happy with the AM DAC.
I am considering selling my ANK DAC and buying an Innuos server and an Audio Mirror DAC that I can tweak with my favorite sounding parts. I think I would have better sound, because the source makes a big difference with these DACs. But it’s hard to replace the almost 40 lbs ANK box that is nearly the size of my PS Audio P20 Power Regenerator with the tiny little AM device that weights and costs a fraction of the ANK. It does not feel right :). Although I already know it "sounds" right :).
Hope that helps. I highly recommend both of these DACs. Audition whichever fits your budget if you can.
P.S. My friend also had an older model Audio Mirror DAC. I was never impressed by it, and I would not recommend it.
