I've been very curious about the sound of R2R DACs for a while.
At last I can compare R2R and a conventional DAC in my system. I'm now listening this evening for the first time to my Soekris DAM 1021 DAC, having finished the power supply. Additional USB input board being fed from my Mac. Listening to Ravel Valses Nobles with Boulez plus other tracks like Jazz, Steely Dan etc.
Soekris: Very smooth. Natural, clear and detailed. Excellent tonality to acoustic instruments. Absolutely nothing remotely hard or edgy. Sound is neutral and balanced top to bottom. Very refined. The output is single ended via the onboard chips. I haven't started to consider any mods and I haven't read the long thread on the Soekris build. I build with tubes and digital isn't my realm.
AK4490 - basic Chinese board with op-amp output. Sound is detailed and clear and involving. It's not as smooth and natural as the Soekris, and in those terms the Soekris is definitely a step up. But it is direct and more dynamic, and as such it's a little more involving for the listener. Where the Soekris is smooth and refined, the AK4490 is a trifle more "unrefined." Another way of putting maybe it is that the Soekris is like listening to a very good recording while the AK4490 is closer to live music. So where's the bottom line? I don't know - will have to do more listening. I have to satisfy myself that the R2R isn't a trifle "flat" sounding for all its refinement, which is a joy in itself.
All this seems to echo some of the comments I've read about R2R being neutral, natural, smooth and refined but not necessarily as "involving" as the best conventional DACs. Early days. The Soekris could be modified in various ways - if I can make myself read all the stuff written about it by users.