Holo MAY KTE DAC/ Kitsune Hi FI, Lynnwood Washington

I would chime in on what @big_greg said. I also own a MHDT Labs Orchid R2R DAC. I had upgrades done to it by grannyring. Total invested in the DAC is about $1500.

Here's something to consider. I did an extended shootout on a very high quality and sensitive system with the Holo May vs. Orchid. Holo May has somewhat smoother highs, more  presence in bass and midrange, and a wider, more articulate soundstage. But not by much. Maybe 5-10%.  And this was in a very resolving system.

My host also had a Holo Spring 3 DAC. In his view, it gets "90% of the way" to the Holo May. So, personally, if I felt the urge to upgrade past my $1500 modded out Orchid, the Holo Spring might be the way to go. It would help hedge the risk factor of repair -- though it seems that Tim at Kitsune is already providing that hedge.

Oh, and I have heard MHDT's Jiun is very good to deal with.

In a nutshell, you've got good options, and I think the risk is a bit less than perhaps you are supposing. My two cents.

@anwar 

the MHDT Orchid was highly overrated, especially in this forum.

Can you say a bit more about how it was overrated? 

@anwar Thanks for clarifying. I heard it with a tap x Bent preamp, Coincident monoblocks and a really great streaming setup -- all on speakers with a delightfully articulate Beyma tweeter. Comparing my Orchid vs the Holo May showed the kind of difference you describe, but not that much of a difference. The Orchid really shined.

That said, I bet on a less resolving system, such as my own, your point would be even more obvious to me in a head to head. I suppose it would be my call to decide if the $4500 price difference was worth the extra performance.