No measurements here, please don't shoot me. Have had the M500 for a week now, and tried it in various configurations. The TL;DR version is: Sounds best in the following config: FLAC/ Qobuz -> Roon (ROCK) -> Node2i (Ethernet) -> Coax -> M500 -> Amp. Every configuration where one of the upstream elements is changed sounds slightly worse in my (and my 10 yo daughters) opinion. So here goes:
1. FLAC/ Qobuz vs Tidal (MQA) - Tidal MQA can only be played via a USB connection on the M500. Initially, my Roon Core was on a QNAP NAS, and I just couldn't get MQA to work via USB. Roon recognized it as an MQA enabled DAC, but no MQA album played. This was only an issue with MQA files, not with others, probably due to an issue with drivers. Luckily, I had an old Chromebox lying around which I was using earlier as a Roon Optimized Core Kit (ROCK). When I revived that and connected the DAC to it, MQA files started playing. Now I had the option of comparing Tidal MQA with Qobuz high-res.
Consistently, and I mean consistently, when my daughter and I would play the same song in 3 ways (blind to the other person) - Tidal MQA (USB), Qobuz High-res (USB), and Qobuz High-res (Coaxial via Node 2i) - the Tidal MQA would always rate at the bottom. It was much closer between the other two (sometimes indistinguishable). Qobuz via USB, on a rare occasion would trump the coax via Node 2i, which usually came out on top. This was not what I expected (or why I bought the M500). If you had asked me at the outset for my predictions, I would have said Tidal (MQA) > Qobuz (USB) > Qobuz (via Node 2i). Its only now that I am reading up more to understand why the outcome is the exact opposite. Obviously this is subjective, but I know what I like, and my daughter definitely knows what she likes
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2. Roon on QNAP NAS vs Chromebox (ROCK) - Beware! Roon on the QNAP NAS is useless if you want to use the M500 for Tidal MQA. I was lucky that I had the Chromebox lying around. However, now that Qobuz high-res seems to be a better sounding outcome, it doesnt matter.
3. Direct USB vs Node 2i (Coaxial) - This one is strange to me. The difference is really, really small (if there is one). However, on 5 of the 6 songs we compared, the coaxial sounded slightly better than the USB. Is the Ethernet transport making the difference?
4. Coax vs Optical - Again, very small difference (nearly indistinguishable?), but we got the feeling that Coax sounded slightly better.
The Apodizing filter was on during all the above tests. Overall, the difference between Tidal vs Qobuz was more apparent than the differences between transport modes (USB, coax, optical).