@koestner,
I don’t have experience with the Directstream.
But I can say that while the T+A DAC 200 sounds fantastic with DSD, it sounds excellent with PCM files too, especially with their Bezier 2 filter. I think most owners of this DAC are doing disservice to this DAC when they praise the DSD and do not give enough hours on the PCM. I have put close to 175 hours on the PCM side and it sounds excellent. I do not intend to use the DAC as a preamp and so will not be able to comment on it.