I just spent the past few days listening to a Terminator v1 DAC w/upgraded DSP and WIMA caps. I also have an SW1X Level 3 Special NOS tube DAC. I stream from an Auralic Aries G1. I send the signal via AES/EBU to the terminator and coax to the SW1X. I level match the volume on the relative inputs on my Audio-GD HE1 XLR preamp. Then I can a/b toggle between dacs on the same tracks in real time.
I am very impressed with the Terminator dac. It is so close to the SW1X that sometimes I couldn’t tell a difference. I think overall the SW1X is slightly more fleshed out in the micro dynamics. Voices are just a hair more real sounding. Bass just a breath more texture. But it is so close. The Terminator hits slightly harder and goes deeper in the bass. The Terminator also gets the tiniest advantage in soundstage. Imaging is basically a draw. If I had to keep one dac it would likely be the terminator. The reason for this is it has more inputs, nos and os modes and two filters, just more flexibility. The other reason is the SW1X now sells for about $9000 USD. I got the Terminator for $2800. Amazing value. I could sell the SW1X likely for double what I paid for the Terminator. Love the SW1X so we’ll see what the future brings.
Other DACs I’ve had recently include the Berkeley Alpha Series 1 MQA, Lampizator Atlantic SE+, PS Audio Directstream and Directstream Jr., Exogal Comet (very underrated), and some built in Sabre dacs from some integrated amps I’ve had. The SW1X is the pinnacle for me, but the Terminator is nipping on its heels.