I can't compare the M500 mkIII with previous M500 versions, but I have the mkIII here and also my recent Topping D30 Pro. I am not a native English speaker, so I apologize for all the typos and grammatical errors I will make.
I know there are many here that think that DACs are all transparent and looking for sound differences makes no sense. I think it still makes a lot of sense even if they measure basically all the same.
I watched the YouTube review from Soundnews before getting the S.M.S.L DAC and in that video the guy also compared the mkIII to the Toping D30 Pro. His conclusion was that the mkIII is a fun sounding DAC with better, meatier midrange, more power and dynamics and a great soundstage.
My speakers are Genelec 8331s and my listening distance is no more than 2 feet.
Let me tell you what I think. I've used the mkIII for about one week now. I hook up my old Topping DAC again and did some comparisons today. And since I am a human being and easily influenced I asked my wife about her opinion after I had come to my conclusion. She doesn't care about HiFi and stuff, so when she tells me what she thinks it is totally unbiased.
Of course I took care of the loudness level of both units and made sure they both play at the same volume.
When I turned on the mkIII for the first time, the first thing that came to my mind was: It seems not to be as loud as my Topping DAC. It just seemed like I had to turn up the volume knob a bit more to get the same feeling of loudness. But, they measured exactly the same SPL. Everything seemed more laid back, softer with the mkIII. The second thing that was obvious to me was the lack of bass. Bass was there, but somehow softer, rounder. Where the Topping D30 Pro hits unbelievable hard, dry and fast, the mkIII just seemed to lack power. Sometimes the bass with the Topping can be a bit tiring because of its dryness, but often it is just more structured and detailed with more punch.
Where the Topping sounds really direct in your face, almost like the speakers are hooked up directly to a microphone amp, the mkIII sounds like you move a few steps back from the speakers. With the Topping it sounds more like the band is playing in front of you in your room. Maybe the Topping sounds a bit flatter, but in my opinion everything fits together better. Like voices are not coming from a ghostly cloud in front of you, but from a real person with a real body.
Transients on the Topping just sound faster with more power. Impulses seem a bit rounded from the mkIII. Basically everything just sounds softer through the mkIII. Maybe that's less tiring and more "HiFi", but I'm not sure it is for me.
I really disagree with some of the things the guy in the Soundnews review says. No, I don't think the mkIII has a lot of power. I think it really lacks power compared to the Topping D30 Pro. It also lacks attack and speed. He says that voices have more body through the mkIII and I totally disagree. Voices just sound thinner and somehow ghostly. And he says the mkIII is a fun sounding DAC. No, it is not. To me it is almost a boring sounding DAC. I prefer half an hour of hard hitting, dynamic and fun sound that is maybe a bit tiring over 2 hours listening to music that gives me no excitement (through the mkIII).
Those sound differences are not small. I did not have to struggle to find them. Those differences are absolutely obvious and for anyone to hear.
This morning I played a few songs for my wife. I told her to sit down and listen. To listen to the bass, soundstage, voices and just how she likes the sound overall. Then I set up the Topping DAC. She didn't even know which one was playing or which one was the new DAC. When I asked her which DAC she liked better, she said the second one (meaning it was the Topping that she liked better). I asked her what it was that she liked better. And she told me exactly the things that I felt about the two units. Like the mkIII overall was boring to listen to, lacked bass and precision, like voices just seemed unreal and so on.
So no, the mkIII is NOT MY favorite $500 DAC (the Soundnews guy seems to love it). I think the Topping is really better. The mkIII is a nice, pretty unit. It looks good with a nice display, but it's just not powerful or anything. Maybe the mkIII doesn't play well with my Genelecs (for whatever reason that might be) and the Topping just matches better. Maybe it is also my personal taste and I just like the sound signature of the Topping better.
It drives me up the wall when I read that DACs all sound the same. No, no and no, they do not. A DAC (device) is more than just a D/A converter chip. Yes, they all play perfectly linear, but there is more to music and sound than just linearity. I really couldn't care less if the SINAD of a device is 130 or just 100dB. It makes no audible difference, so why measure it?
So. That’s what I think. No one has to believe what said and I don't want to keep anyone from getting the mkIII. This DAC is just not for me and I am going to return it. I think I am better off with my old Topping D30 Pro.
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