Tone: Caiman II has a slightly warmish tilt and isn't particularly analytical, but I don't feel that so much important information is missing (with Paradox / HD600).
Soundstage: We have a common notion of empty space filled with objects, say, a concert stage with performers playing on it. Caiman's soundstage doesn't sound that way. It's much more filled in with sound, and there's much less empty air around and in front of the players. In this regard, it doesn't sound so accurate to live performances in concert halls. I happen to enjoy it, nonetheless, because it sounds ripe and intimate without getting blurry regarding positioning.
When I buy another DAC, I'd be happy to send this round to get your thoughts.