My impressions of the Varese after spending a couple hours listening:
Setup: Ethernet -> Varese -> VTL TL 7.5 SIII -> dAgostino M400 monos -> Wilson XVX (loom all Transparent Magnum Opus).
Impressions: I found myself comparing it to the Vivaldi Apex. It sounded like a better Vivaldi. I always felt that the Vivaldi did complex/transients without breaking a sweat. But, it also sounded analytical with such content - especially in the upper mid-range and lower high frequencies. Whereas the Vivaldi could, at times with such content, be detailed without grace the Varese was delicate and nuanced. The Varese somehow retained detail while adding a smoothness. Backgrounds/noise floor was spectacular.
Another comparison for me is the Wadax Reference. I felt the Varese was a more natural sounding DAC. While the Wadax is amazing in terms of how it ca be tuned when paired with the streamer, it can also start to sound maybe a tick artificial to my ears. The Varese did not sound artificial to me.
Finally, I think about the Varese in comparison to the Horizon, which I ended up buying. I don't think the Horizon has the resolution nor the transient handling of the Varese. But, the body, density and upper mid-range are better on the Horizon to my ears. Ron R insisted I have a tube somewhere in the pipeline and I think he was right.
I left the Varese audition with the following conclusions,
1) The Varese is an awesome dac - I am sure I would be incredibly happy with one
2) The 5 boxes is a bit much - it takes up as much space as many entire systems. And, I am sure that within months we will be pitched on cable upgrades that 'transform' the sound.
3) DACs are the fastest evolving components in hifi. I look at amps, turntables, speakers, etc - a great one of these today will still be top-notch years from now. Whereas dacs are still evolving at quite a fast rate imo.
4) $300,000 is a lot of money for a single component - ultimately, I did not feel the juice was worth the squeeze on this one. It just didn't move me like some things do. I recently bought Lyras - when I heard them I was immediately hooked.