Not surprising, there appears to be a range of opinions on the Wadax. I have now heard it in 4 different and very good systems and I tend to agree with the comments above. It does indeed have excellent tone. It is also low in distortion and I have no quarrel with the bass I have heard (generally more so a function of the room and speakers). It is definitely euphonic, and I mean that in a good way. Very pleasing. But where I struggle is that it's just not representative of the way real music sounds. I find it somewhat flat and in that sense devoid of the sense of life that is in the real thing, especially in the upper registers. The main liability for me is its lack of proper harmonics more than the fundamentals. They are just plainly truncated (is that the lack of sparkle to which amadeus refers?). All you have to do is play a piano or a violin to appreciate that the harmonics do not float above the instrument as they do in life. There is no layering of harmonics. (I'm not referring to sound stage layering and instrument placement).
Still, my take away is that it's a damn fine piece, but it's just not sonically correct by my ears nor something I aspire to for my system. And btw, cost is irrelevant to my assessment. I'm talking SQ merits (or de-merits) only. I don't know if this makes any sense but there is something about the sound of the Wadax that reminds me of another DAC, namely the Meitner EMM DA2 which I owned for several years. Is it that I seem to prefer DACs that process recordings in their native configuration? I don't know, but there's a quality in the Wadax that is eerily reminiscent of the Meitner. Again, there's no other way to express it except to say that if you think the sound of a violin or piano is correct through a Wadax, then I'm happy for you. I do not.
And that is why I bought a Horizon (if it ever gets here). It is precisely that ability of my Golden Gate 2 to reproduce the sound of instruments in all their harmonic splendor that I adore which makes it easy to believe the sound I'm hearing is a genuinely good facsimile of the real thing. In short, the Lampi does not get in the way of the illusion. The Wadax does, at least for me. The Lampi GG2 simply conveys the life of real music far more convincingly, however YMMV. That the Horizon (which promises to do this even better than the GG2) costs 1/3rd of the Wadax is just gravy.