Thanks very much for the detailed review!
It is surprising to see that the XLR output has such high level, no wonder it clips badly when connected to my Gustard H10 with +12dB gain at full volume. Now I just stick to the default gain on the H10 and there is still crazy amount of power to drive my HD650 (the knob on the H10 at 9pm is loud enough for me).
By the way, could you check at what volume setting will the M500 reach 4 volt output on XLR? (Suspect volume 40 has the near 7 volt output, maybe volume 24 will output 4v?)
Edit: Sorry but I looked into the diagrams and found that it was already shown, volume 34 = 4.3volt, thanks again for your precise work!