PS Audio DirectStream DAC or Aqua Formula xHD

@sbonamo thanks for your input, i still was not able to build my rig yet but after auditioning a lot of gear in the past few years my choice is Totaldac and most likely the D1-Direct which is the best one box solution from Totaldac.Will also get the D1-streamer.

Late to the game but there is no comparison, I've heard both and own the Aqua Formula xHD. The PSA doesn't heave remotely the same level of resolution as the Aqua, nor the sense of ease and naturalness - it's simply better on all fronts.  They're not even in the same ballpark, a better compare would be the Aqua La Scala vs. the PSA. Also, I've heard the TotalDac 12 and Aries Cerat Cassandra (I think) and believe me they are far from dull or lifeless. Curious what you ended up buying?

If you buy an Aqua and dislike it, you're stuck with the sound because it's never gonna' change. 

On the other hand, a DirectStream changes based on the firmware you choose to install. Also, the manufacturer, PS Audio, is committed to evolving the product via continuous firmware improvement. I love my DirectStream DAC.
 

I am not familiar with the Aqua DAC

As much as I like R2R Ladder Multibit dacs, I just read the review and bench tests of the  Aqua Formula dac,, and it seems to have a few issues, especially in the bass, that similar discrete R2R dacs don't have and usually shine.

https://www.stereophile.com/content/aqua-acoustic-quality-aqua-formula-xhd-da-processor-measurements

Cheers George

@emcdade  thanks for your input, yes i am familiar with R2R as i have auditioned extensively to the full Totaldac Twelve 4 boxes one of the best i've auditioned to date.Also auditioned the Aries Cerat Kassandra 2 Sig wich is also outstanding but way too expensive for me.I'm therefore considering the Totaldac Seven with separate streamer and reclocker or eventually the new Aqua Formula xHD paired with a Melco music server.

The Directstream Dac in my system was no better than my current Fostex HP-A8C.  The only real difference was that it’s presentation was slightly more rear-hall.  Great if that’s your taste but less presence and immediacy in vocals.  The noise floor seemed higher in the Directstream as well.  I could hear more ambience with the Fostex.  The Directstream was a touch softer and more rounded, but I can’t call that an improvement because it’s taste dependent.

The Aqua was just reviewed slightly poorly in Stereophile.  If you haven’t heard an R2R and NOS Dac before, be sure to audition.  Their sound isn’t for everyone (one man’s “dull” is another man’s “natural”). I believe the balanced outputs were riddled with distortion due to poor design.

I am not familiar with the Aqua DAC, but have enjoyed my PS Audio DirectStream DAC, purchasing mine just after it was released.

One thing I very much enjoy about the DAC is that, because it's designed around an FPGA and not an "off the shelf" DAC chipset, PS Audio has released a number of firmware updates (which are very easy to apply), and every single one of them has improved the sound quality...like getting a "new" DAC once or twice a year.

I also find the support at PS Audio to be excellent.

I'm afraid I can't say anything about The Aqua Formula but I certainly will readily recomend the PS Audio as my friend has one and it is a pure delight to listen to. As you probably know it upsamples everything to DSD 20x and all I can say is that when you listen it is probably the closest sound to analogue that comes from a digital file. I don't think it will be surpassed for a long time. Good luck in your choice.