I've followed this thread with interest since I was also set on getting the 121 as my final DAC upgrade, but as I found out today the M-DAC is finally available in the CONUS, and mine's now due to ship tomorrow. Yay.
I've been looking for a DAC with remote controlled digital volume since my iDevice dock(s) don't offer that (among other shortcomings in that dept.) and I'm reluctant to go down the ReplayGain/Sound Check route. And easy voltage switching in light of potential moves (I contacted Wadia about this since you never get to see its powerbrick and they don't state it specifically on their site) And plenty of inputs, w/ potential firmware upgrades. It came down to the M-DAC and the Wadia within the utmost limits of my budget (which shall include a balanced setup in the near-ish future)
Things I preferred with the Wadia is the smaller size, plenty of inputs (incl. AES/EBU which would allow me to use the corresponding output on the iD100) and a unique D/A conversion process.
Not so keen on the design though, and thought it's strange that their own corresponding transport/dock i171 doesn't offer a matching AES/EBU connector considering that Wadia themselves list it as the preferred connector after USB in first place... and the price! It's hundreds of $ more, if matched up w/ the i171 almost double.
Things I don't like about the M-DAC is the lack of AES/EBU, and until now simply the lack of M-DACs. It's a bit bulky, but no more than my final amp choice anyway. But on the plus side: a clearly legible and adjustable display. And more importantly a very involved developer who doesn't just acknowledge & fix bugs but bothers to explain them (ex. issues with filter-switching due to the way the ESS chipset works etc.)
I think either will sound splendiferous since I now have tried several DACs within the same chain and to me, after a certain price point, the differences are truly negligible. Really. For the life of me. They all do their expected job of cleanly decoding a digital signal, maybe the analog part may have a slight impact, maybe the filtering of poorly encoded files may result in differences but I don't really have any of those left... Other components like amps and very much most importantly the actual headphones are much more influential! <snip OT elaboration on the existence (or rather lack) of differences between higher-end DACs / higher-end soundfiles>
Given the accolades that either one has received, I know the M-DAC will not disappoint sound-wise, and the 121 wouldn't have either and both offer the functionality and source flexibility for the future as far as I can see it. Still looking forward to reading more impressions about the 121 in this thread.