I’ve owned Terminator v1, heard Terminator + during audio show, tested MHDT Labs Orchid (seller brought it to my house and demoed tube rolling), and now own Holo Audio May L3 KTE bought directly from HK. I also have Marantz SA-10 SACD player purchased years ago which I use as USB DAC until Holo May arrived 2 weeks ago (still breaking in).
Firstly, the MHDT Orchid was highly overrated, especially in this forum. It’s not in the same class as discrete R2R DACs or FCPGA-based DAC like the SA-10 I have.
Please read Stereophile’s comments about Terminator + versus Holo Audio Spring 3, which is the model below Holo May:
Holo May is really a good DAC, especially when using USB input. It demands a very good digital source to shine. Even though Holo May includes USB galvanic isolation, when using music server with USB galvanic isolation at the music server side, the sound is better. USB cable used also matters.
A person who owns all Esoteric digital gears (streamer, DAC, external clock) heard my system and said the Holo May is a damn good DAC. Holo May will stay in my system as the reference DAC for a long time.
To ops question about warranty, if the unit failed to work, yes I have to send it back to HK.