I haven’t heard the Ares, so my knowledge of any differences is purely spec based stuff from their website.
I heard the Venus (original) and thought it was nice, but … its sound was more analytical and tighter. Not my bag. The Pontus II 12th-1 I have is more like a suspended turntable sound. Not quite as crisp but with a great drive and easy to sink into and enjoy the tunes.
From all accounts that I’ve read, the Terminator/II/Plus are outstanding but more alike to the Venus. Which, from the audition I had, wasn’t what I personally was looking for.
My next DAC* may be something along the lines of Lab12 Dac1 Reference, Aqua La Scala II Opthilogic or, if I win the lottery or one of my kids decides to skip college but still moves out, an MSB. The Lab12 is the least expensive, there’s an open box one at TMR currently for not much more than I paid for the Pontus II/Iris combo I have. I’m tempted to buy it and try it. Aqua La Scala’s pop up used for around $4k somewhat regularly. MSB Discrete’s go for $9k+ used, depending on modules and power supplies. That’s more than I’d like to stomach for a DAC, though they have amazing service, resale, and an awesome upgrade plan at MSB.
Denafrips are made like Boulder Amps, solid construction throughout. I doubt you’d be disappointed with any, but there’s no return policy so try your best to get an in person demo before you buy.
*I may also just get an all-in-one. I wanted to hear about
@Slimwhit33 ‘s experience with the Lumin due to this. I may try a HiFi Rose RS150b and see how it compares to what I have. I’d like to save space on the new audio rack I’m ordering.