There are some comparison made by Scandinavian magazine as well as French magazine and they rated HD2 pretty good
Bel Canto DAC 1,5:
"With the USB -input and RCA output I can't see that it is any better than the Hegel HD2 or Musical Fidelity"
Electrocompaniet PD-1:
"The Hegel HD2 is not far behind the Electrocompaniet. On USB it is actually better (and HD2 only has USB)"
HRT Music Streamer PRO:
"It does not match the sound of the significantly less expensive Hegel HD2"
Arcam rDAC:
"Anyway... It still has a long way to go to match the Hegel HD2. Especially in the bass, where the Arcam is slimmer"
Musical Fidelity vDAC:
"The Music sounds calmer, more restrained and open compared to the Arcam or HRT. But it does not quite reach the level of the Hegel HD2. Hegel has more ambience and space around the voices and instruments, as well as being quieter with a darker back drop."
Conclusion:
"Hegel HD2 is the best buy. We doubt that any better DAC's exist at this price."
Hegel HD2 wins Best Buy award in the leading French magazine Haute Fidelité's February issue. Buy the magazine or download the review in March.