I got an SMSL DO 300 on Summer 2023, which features the then top of the line Sabre D/A IC and thought It sounded very detailed, I found It cold, analytical and "non musical". It invited me, if I had the same album on High Rez and LP record, to change source to my turntable.
I kept It until Summer 2024 when I got a refund from Amazon Spain, a year after its purchase, and got from them the SMSL D400 PRO that features the latest AKM chipset, the AK4191 (It does oversampling and Delta Sigma modulation) plus the AK4499EX (It does the actual D/A convertion.
I had both at the same time on my stereo set up (Marantz PM 6007 integrated amp, inexpensive but good sounding to my ears, plus KEF's Q550 speakers, the cheapest floor standing speakers on the KEF catalogue), as I received the SMSL D 400 PRO 2 or 3 days after I got the refund from Amazon, and I had two weeks to return the DO 300.
I know that the D 400 PRO is a bit more expensive than the DO 300, but they sound quite different to me. The sound of the D 400 PRO sounds very detailed, much like the DO 300, but I find its sound smooth and "musical", It invites me to listen to music with It, unlike the Sabre based DO 300. And yes, I level matched both of them using test tones and an sound level pressure meter.
I've had a Sabre based DAC before, the Topping D50 and I was never Happy with the sound of It, and yes, I know it's an inexpensive DAC.
Sabré based DAC are very revealing, its specs (dinamic range, noise level) are text book like, but they seem to have, at least to my years, a kind of "glassy" and agressive edge that I don't like.
The AKM based D 400 PRO sounds outstanding to me, and for the price, sound and built quality (yes, the D 400 PRO has a robust and nice looking case for my taste) that make It a bargain.
But I Guess as with many things, it's a Matter of taste.
And I also appreciate from the D 400 PRO the "DSD non processed" option.