Not sure if it is off topic to talk about M3, which shares a lot of similarities to the M21 I heard at Capital Audio Festival.
Pros: Naturalism, Balance, Colorless, Air
It is the most natural sounding dac and the tuning is actually correct with good spatial information on top of its body and muscle.
It is so natural and realistic that I almost want to sell all my other DACs in the first four to five hours of honeymoon session.
More importantly, compared to even much higher priced so called analogue DACs as Mola Mola, and Mojo Mystique X Se, the M3 is free of Hifi colorization with a very balanced and correct tonality! M3 is also more relaxed and less compressed compared to these much more costly DACs.
Cons: Not detailed, clean enough
As other similar sounding DACs as Metrum/ Sonnet, I keep craving for more details and nuances in my electrostatic system when mated with M3, even after I used silver coated PC and Silver Snake River interconnect cables to increase the resolution.
When the M3 DAC was mated with Woo Luna, which to some is a bit sterile, they are perfect match. However when Luna is used as a preamp with my riviera power amp, the music processed by M3 sounds too slow, a bit muffled and loose after the multiple amplifications through my pre and power amp. The errors, consonants, as well as noise will be all amplified multiple times with the multiple amplifiers.
This is even after I employed various tools to get rid of consonance, jitters, and noise. via the ARCH (Acoustic Resonance Clarifier) from Ginkgo Audio, Nordost Q Point, as well as my Digital to Digital converter.