Considering Bricasti and Lampizator

PS Audio Directstream is actually pretty good and at a good price, make sure you feed it low jitter input though.

Haven't heard either but will offer another DAC for you to checkout Modwright Elyse tube rectified and 6992 tubes. I use a NOS Mullard 5AR4 and Siemens A frame gold pins, excellent to my ears.

If you like lots of color and excitement, the M1 is probably not your DAC.

The Bricasti is an example of engineering excellence rather than artistic expression.

Take a look at the analogue stages and you'll see that fast AD op-amps are employed to convert differential currents from the dac to balanced and unbalanced voltage sources.
  
This approach is technically sound and will result in good measured performance but is unlikely to please those with preconceptions that op-amps are bad, or those who prefer something more lush or warm, or conversely, hyper detailed. 

On the + side, the op-amps chosen are neutral in character, and particularly well spec'd for high speed integration applications.

On the minus side, the op-amps used are 8 pin DIL so there's never going to be future plug in replacement upgrades, because future op-amps with notably better specs (and unity gain stability) will likely be SMD packaged. Of course it is still possible that Bricasti will offer complete DAC module upgrades in the future, but also likely at a high cost.

 As it stands, the AD843 is probably the best op-amp available for the critical I to V conversion, but  that said, and fwiw, I have actually already experimented and replaced the unbalanced (2nd) stage AD843 op-amps with LME49710's, which are arguably better for this duty, and yes there was an immediate change in character; The the top end opened up and mids and treble became more detailed with just a hint of lushness and mid treble sweetness that made older and grainy recordings more approachable.  In my system it's really worked in a good way so I've left those op-amps in situ. 

Other op-amps would undoubtedly give differing results but  further experimentation isn't something I'm inclined to do in a hurry since I like the DAC the way it is, and in any case, even with a pro vacuum desoldering tool there's still a risk of damage to the pcb's when op-amps are changed, and without such a tool and requisite skills I would never have contemplated it in the first place.  

As many people, have advised me many times, you should listen for yourself to decide.   The above comments are useful and making a decision on what DAC to buy is not easy.   This process gets worse if you are unable to audition these DAC's in your system.  Fortunately, I was able to borrow a Bricasti M1 DAC for listening in my system and liked it very much.   Please note that my friend borrow the same M1 DAC and did not like it in his system.  Everyone hears differently and the systems are different. 

In my opinion, the sound quality produced by my Bricasti M1 SE DAC is outstanding.   My system now offers breathtaking detail, transparency, lack of noise, and excellent dynamics.  I had the original M1 DAC and upgraded it to the M1 SE edition based on listening at an audio show.  I am running my Bricasti M1 SE DAC DIRECT into my Hypex NCore NC400 Bridged mono block class D power amplifiers (no pre-amplifier).  I am using Sonus Faber Olympica II Speakers.

After conversations with Bricasti, Hypex & James (James Romeyn Music and Audio, LLC), we decided to remove the R141 (circuit) from my Hypex NCore NC400 bridged mono blocks, thus lowering gain by 14 dB, requiring 14 dB higher M1 volume setting for same playback level.  Bricasti says the goal is to have the M1 CLOSE to 0db front panel attenuation. If you reduce the volume on the M1 DAC, you cause more bit reduction meaning you lose sound quality.  When you connect the Bricasti M1 DAC to a power amplifier, you should balance the M1 DAC to the power amplifier to achieve your M1 volume settings CLOSE to 0db.

I urge you to continue your research and listen to these DAC's before you make your final decision.   Of course, everyone has a different opinion on this subject. You never know “how it really sounds”, until you listen in your room and system.

I've never heard the Bricasti but always intrigued by it. Anyone who would like to send me one for a 10 year review.... :D :D

I would strongly recommend you listen to the current Mytek DACs, with support for DSD256 (yeay!!), PCM 384 and MQA (meh!)

Best,

Erik