I just bought one of these. Still in the box. Debating if I want to return this or the SMSL SU-9. I am VERY disappointed with the way that SMSL treated it’s SU-9 and M500 customers when they had a L/R imbalance bug. They took months to even officially admit there was an issue, and then required customers to ship the units. Really terrible IMO. I do have an M400 from SMSL that I like and I think I will keep.
Update: Just pulled it out of the box. Love the industrial design/look. A hint of retro, but also modern.
Sound is 100% identical (to my ear) compared to the SU-9. (Using several headphones and IEMs). The noise floor on the headphone amp (and DAC) must be quite good, as I could hear some hiss with my IEMs on my old Little Dot MK VII+ amp, and the background is totally black/silent with the DacMagic 200M internal amp.