Frankly I would seriously doubt if I could tell the M200 from the X16 in level matched, blind listening tests. They are both audibly transparent. Speakers/headphones and amplifiers in any audio chain are going to introduce spurious artifacts that are far more likely to reach audibility as compared with any decent DAC of which the M200 is certainly included.
I don't want to start a heated debate here, but I can almost guarantee that you WILL be able to hear the difference, given the right setup and material.
My wife and I did a ton of blind tests after receiving these DACs (M200 and A18) back in November. Blindfolded and level matched, needless to say. Also matched to use the same AKM filter, as the two DACs have different defaults. Each track was played four times in random order between the two DACS. My wife has better hearing than me and picked the Gustard 100% of the time on well recorded classical and acoustic tracks, 75% of the time on more typical studio processed tracks. And it wasn't difficult either: Most of the time she had little patience with the four replays because she knew the difference immediately after the first switch. She described the Gustard's imaging as more 3-dimensional and simply more engaging and like "being there".
My hearing is deteriorating due to Meniere's disease, and I am over-sensitive to spurious harmonics, particularly in the 3-8Khz range. While both DACs sound great, the M200 was a bit "screechy" and fatiguing (again to me, because of that over-sensitivity, probably not to others). The Gustard is completely effortless. Despite that, I still have to severely limit my listening, both in volume and length of time. Unfortunately no sound equipment can overcome that
I should add that the Sound Color modes on M200 make an audible difference as well: At first I switched from the default SC1 (thinner/brighter) to SC3 (fuller/warmer) because it seemed to have more oomph through power amp and speakers. But I soon discovered it made my fatiguing a bit worse. We ended up using SC1 or SC2 for most of the listening tests.
Nobody should read this to mean that SMSL M200 is less than a great DAC. It is a fantastic DAC for the money! All I am saying is that the difference to Gustard A18 is definitely audible with the right equipment and material. And I would assume between M200 and X16 as well.
I personally do NOT believe that all equipment with good measurements sound the same. But even if going by ASR measurements only, there are significant differences between those of
M200 and
A18, and even more so of the
X16 (which measured better than A18, although we don't have measurements of the 2nd Edition A18). Check those FFT, Linearity and Multitone tests.
Again, I certainly didn't mean to start a debate -- in YOUR thread of all places. I merely came here because I now have some experience with M200. And once again I think it is a great DAC with great features, particularly considering its price!
And with that, I'll back off
