Sonically, I don't think there is a significant difference between the different variants of the Rega DAC. Yes, something like a Naim, or a Rotel, gives you a punchier sound which is more impressive at first. In a shop dem the Naim would win every time. However, listening long-term is a completely different story.
The Rega sounds much more like music. There is a lot of detail there but it doesn't get thrown at you. It's in it's correct place in the music and you have a cohesive whole which flows together in a smooth, analogue way. It sounds more like a turntable than any other digital I've heard. By that I mean it has the same easy to listen to sound but with the same sort of rhythmic involvement. It's the first digital I've had that I've got no desire to change.
Worth mentioning that the Rega DAC is sensitive to what feeds it and the cable used. The Coax input is best, the optical is ok but the USB input isn't very special. I tried a whole bunch of coax cables and my weapon of choice is a dirt cheap yellow plugged video cable.