I bought this DAC, and after spending about 6 months with it, I thought I'd share some thoughts on it. First, I've come off the idea that R2R Dacs have some inherent' magic which will alter the sound in some 'special' way. Having spent a lot of time on the subject, on this forum, or by reading other sources, I am now convinced that it really comes down to the implementation of a DAC as a whole, rather than what conversion method is used.
The long and short of it is that I now own 14 DACs including this one, such as the Topping D50s, the ToppingD90, the SMSL M400, 4 Audio GD DACs and a whole bunch of NOS DACs. What sets the Ares II apart from all my other DACs is the fact that the sound has a 'plasticity' that the other DACs lack; the sound is more 'solid', and instruments are defined more clearly, and with greater weight. I used to think this might be purely because of the fact that this DAC is a bit sibilant on the top-end, but this 'plasticity' for lack of a better term manifests itself across the whole frequency spectrum, not just the treble. My SMSL M400 for example sounds 'flat' compared to the Ares II, and lacks that 'plasticity'; the same thing applies to my Audio GD R1 - it sounds very similar to the SMSL M400, but also lacks the 'plasticity' that the Ares II produces.
So comparing it to any other DAC I own, I keep coming back to this one. I honestly don't care why the Ares II sounds the way it does - R2R/Unicorn Tears/Build Quality/whatever - in the end it's a DAC that passes muster in terms of measurements AND sounds very good. For anyone interested, I do run the DAC in OS mode with the 'slow' filter; comparing OS to NOS mode I noticed that particularly with voices, the upper bass and mids seem 'detached' from each other and somewhat grainy in NOS mode.