I realize that this forum is the last place online where one should share subjective opinion about the sound of audio equipment, but I still believe that some of you are looking for opinions that will confirm that this is truly a great DAC.
Since I've had it for two days already, I can say this with full conviction. It is truly exceptional. As many of you live in the States, I will refer to the popular American Schiit Modi Multibit 2. Imagine if the MM2 had much better resolution, stereo imaging, separation, layering, and generally delivered a much more sophisticated sound, without losing its uniquely pleasant and organic timbre and dynamic presentation. This is the shortest review of the SMSL D200.
This DAC plays in a very engaging way, yet it doesn't cause listening fatigue like most contemporary delta-sigma converters. Its greatest asset is the saturated midrange and mid-bass, which, unlike old converters or the aforementioned MM2 with a similar signature, do not lose transparency and detail. In contrast to modern systems featuring Sabre chips, it is much less aggressive/insistent, while still maintaining dynamics. Compared to AKM, however, it offers a more palpable, direct, weighted and credible sound.
Of course, there will be people who prefer a more analytical and detailed sound, but if you prioritize the impression of sound dimensionality and palpability (combined with high dynamics), then this is a device you should be interested in.
As an aside: the D200 gets quite warm. It is warm even when not in use, and just switched on (there is no stand-by mode). I don't know if this is a matter of the built-in power supply or the general low efficiency of the circuit. It's not an alarming level of heat, but contemporary devices with ESS or AKM chipsets run cooler.