It was a long demo and finally collected my thoughts to share more. Sorry for poor formatting as I'm typing of my Note3.
First off let me say I like 0.95 a lot better than 0.5 as it sounds much more transparent and not as "stuffed"/full as before. Overall more neutral sounding than before (0.5) and to me seems a better balance between a reference sound and a euphoric sound.
Sound signature: I think it does pop/soft rock/vocal jazz the best. Almost reminds me the sound of Final Audio's PF series IEM. Definitely a signature that is very pleasing and have good enough transparency. If you like the transparency/resolution of say a dx90 but don't care for its more neutral and analytical tone, M would give you a better experience. It sounded fuller/warmer than ak240 or hm901 with cards other than the classic card. What I find interesting is that I feel there is a bit more a focus on vocal/midrange, but it doesn't feel that way for instrumental or classical music. I think this is a good thing and let me enjoy vocal tracks.
Soundstage: I find M's soundstage is not as expansive as AK240/HM901/DX90. This won't affect studio recorded or small ensemble music as much as say larger classical pieces or live concert type recording. I also feel there is a touch of reverb to M's presentation making it sounding like a small to mid size room. I find M benefits from IEM with a wider soundstage like 1p2. It may also explain why I feel full size headphones like K812 pairs better than any of my IEMs. Nonetheless, this actually works very well with many of my 80s canto-pop albums and I enjoyed them on M a lot.
IEM pairing: Amongst my IEMs, it paired best with the ER4S, drives it much better than the AK240 and also sounded better than with 901 stock/classic card. 1plus2 also sound quite good as M sort of full in some of the at-times recessed mids. Jh13fp/re600 also does well with a fuller sig but loses some treble sparkles when compared to hm901/ak240. Didn't like ASG2, tg334 pairing. These pairing seems to sound a bit veiled with loosier mid bass.
UI and build: UI is also improved: a lot less baggy and I can live with most operations maybe except the occasional freezes when scrolling albums, and the weird delay when you press the "current playlist" button at the upper right corner. Lastly I really want to have folder browsing, and an option to display album art/playback buttons differently.
Built is still pretty much the same as the earlier unit. But not as well built nor have that premium feeling of the AKs. Don't feel it is particularly resistant to wear/tear/scratches and definitely want to have a case to avoid (think dx50/90). But definitely looks a lot better than the hm901.
Conclusion (for now): All in all I would have bought it if I don't have my hm901 and it's amp cards. But I still find hm901 sounded better to me with better transparency and flexibility to switch amp boards or a warmer fuller sound (classic) to more neutral (iem/balanced) to more aggressive (minibox/discrete) sound that made it hard to be replaced by the M. FWIW the salesperson did mentioned to me there are a number of 802/901 users interested in the M.
Well, knowing myself I probably would still end up with one if Calyx continue to polish the firmware and get battery life right.
Bonus coverage: I also had my Hugo with me and it's SQ imo is materially better than any of these DAPs regardless of IEM pairing. But of course it's apple to orange as it's a dac/amp that needed a transport.