Mikko...
Well the first bestest thing about the Hermes 14 bit board is that is available...or will be on 25 March. HermesLite is a cool project but suffers from the same problem that many manufacturers have and that is unavailability of components. Both are 14-bit DACs. The Hermes can be set up for PureSignal, the feedback loop that can be run around subsequent amplifiers to produce a signal with better than minus-50db IMD. I'm not sure if HermesLite can do that. And being old-school I like that the Apache Hermes has real audio and key connections in and out, as well as open collector outputs to control things.
Yes, you have to add TR switching and amplification to get to what I consider useful power levels, but I have a couple solid state amplifier bricks from old transceivers as well as some switchable low pass filters. I like that the N2ADR board, when available, does a lot of that for the -Lite series, but I don't mind a bit of metal bashing and doing it myself. I think the spinoff HermesLite2-Plus project takes care of some of my complaints. I can't recall if the -Lite will take a 10mhz reference signal from my rubidium standard, but that's merely a geek preference of mine. The ApacheHermes has that covered. As far as power level, some guys use the lower power board to drive transverters and a happy.
I have the original TAPR Atlas Mercury/Penelope combination from which all these, both Apache and -Lite descended, so I'm a bit prejudiced toward the Apache line as Abhi of Apache was one of the instigator/enablers of the Hermes project which got carried forward to the current Anan line.
I guess we pay our money and take our choice. Coming available at a time when I'm ready to pounce, the Apache Hermes 14-bit hits the spot. Despite the troubles that the world seems to be in now, we hams are fortunate to have the choices that we have. Either way, we get a lot of capability for our dollar., stuff I never dreamed of 55 years ago when I got my novice ticket.
I suppose this reply won't be much help, other than to get you thinking a bit more. Sleep on it and go with what makes you happy.
73 de Norm W1ITT