Pros: Sounds great out of the box, multiple inputs, great design, great upgrade options
I bought the TubeMagic after much searching on HeadFi for an entry level DAC, and I'm very pleased with it. I've had it for about six months and it's a great addition to my desktop listening. I use iTunes with lossless when I can, and AAC when I can't, and the results are really good. Clarity and presence are brought out in Mid's and Hi's, and Bass seems even and neutral. I've been using the ATH AD700s with good results. Maverick Audio also sells the TubeMagic A1 Amplifier, which I have just purchased to match a pair of AKG K702s I got as a gift. Maverick Audio has upgrade options available at purchase, or you can swap tubes and components after you buy. A few words on build quality. It's really good. Solid chassis, metal knobs and power switch make for a pleasant tactile experience. Ports are all sturdy, with the possible exception of the USB port, (It works perfectly fine, mine just doesn't have the "stickiness" most USB ports do.) It's about the size of two hardcover books stacked on top of each other, not exactly tiny but gives some nice desk presence. The TubeMagic Amp fits perfectly on top, which is nice.
All in all a great buy, and a great addition to desktop listening.