Hello all,
I've had the Denafrips Ares 2 for several weeks now and I can say it is a really good DAC for the money. When I first listened to it, I was a bit uneasy as it sounded good, but not great. After a few days of it being on, it sounded much better. I mostly use USB from my Mac using Audirvana, but have tried the Toslink as well. My description is not that different from what others have already said:
Detailed - with very good instrument separation
Soundstage - very good front to back and high to low. Pretty good horizontally
Natural Sounding - mostly instruments sound analog-esque
Nice Bass definition - but not bass heavy
Musical - puts everything back together in a thoroughly enjoyable way
Texture - I LOVE aural texture and it does it really well (though my vinyl rig is still better)
I've been using a Marantz SA-8005 SACD player as my DAC. It is warm, musical, has a lot of weight/density and decent detail. It is a little glare-y. The Denafrips is VERY different in approach and better in most regards except the weight/density.
I had to switch out some tubes in my CSP2+ from what I was using with the Marantz to better complement the Denafrips and provide a little more density/bass.
I've used Schiit BiFrost and Modi before and was never impressed with either. My range of DAC experience is pretty narrow as I enjoyed the Marantz sound and usually have a limited budget.
My budget for a new DAC was $1000, was looking at R2R - Denafrips or MHDT.
I'm running it through a Mini-Torii (V1 - I love 6v6 tubes), CSP2+ and Omega CAMs with an Omega Deep hemp Sub.
I think it is a keeper. I've enjoyed the detail and presentation quite a bit. Thinking about a Zbit as a way to increase the density/weight and maybe a bit more tube-rolling in the CSP2+.
The new DAC is NOT better than my Pioneer PLX-1000 with Ortofon 2M Black going through the ZP3, but it is making me listen to digital A LOT more than I was before. It is a lot of fun to listen to and is making some old music sound new to me. Good times

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I would say that it is really a good deal for under $800. And I got it within 4 days of ordering it. Alvin at Vinshine is great to work with.
Scott