Well things must be getting back to normal here in Shanghai, because deliveries have resumed and the pre-order I put in for the M2 months ago finally arrived
There seems to be two camps of people on here - those that see the M2 as a solid upgrade over the OG, and a few dissenters who prefer the M1. After a day or so of listening, comparing the two with and without Poly, I think I see both sides and find myself kind of on the fence at the moment.
The most immediate thing that strikes me with the M2 is the sense of blackness. I know people talk about a 'black background' but this seems to take things a step further. It's not just that it's quiet when there's no music playing but the sense of quiet around the instruments when music is playing is a step above other sources I've heard so far - like it's own little an-echoic chamber. Also one aspect of the soundstage and imaging that's interesting is there can be a centre image but it can still sound like it's coming from a very distant place, depending on the mix - deeper and further away than I've heard with other players. As others have mentioned, the bass is deeper and more 'linear' with better separation and more space between instruments in general. But comparatively the M1 still sounds good in this regard. The M2 has more detail, and I've had that classic hi-fi cliche of noticing little things like nuances in a note, how the pluck of a string sounds or particular reverb/echoes that hadn't caught my attention before in well-known tracks. The treble is also smoother than the OG.
The EQ and crossfeed etc. is interesting, but I'm not sure whether I'll use them much.
With the OG Mojo I felt that the combination with Poly offered a step up in SQ compared to USB use, and that same sense is there with the M2 as well; I find I can't necessarily decide whether Poly adds comparatively more or less than with the M1, but I guess it's a bit of a moot point as the combination M2+Poly does pull out a remarkable amount of detail. Makes me wonder how M2 would sound with the M-scaler feeding it.
So what are the downsides?
Well, one thing I can't shake is the feeling that with that extra sense of space that M2 has, smoother treble and blackness - all while retaining the M1's overall smooth sound - it seems at times just a bit too relaxed, kind of like a chill-out player for the end of the day and more of an easy listening experience. The M1 feels like it has a bit more of a spritely step, a little extra verve and captures the euphoria and excitement of the music more. I know Rob Watts talks about this idea that the key to designing DACs is to try and ease the sense of work that the brain has to do to decode all the music coming through. Maybe the M2 achieves that to such an extent that my brain feels too relaxed listening to it
The other aspect is that while M2+Poly does a remarkable job with detail I border on feeling like the extent of detail, or things that are standing out, are a bit distracting or a bit too much at times, depending on the track, so that it's throwing things at me that detract from the overall sense of coherency.
I think I also see where some people are coming from where they say the M2 isn't that much of a jump over the original: the change from Hugo 1 to 2, for example, involved quite a change in sound (apparently, I haven't heard the H1 to compare) as well as in functions and controls, etc. But I understand how the step up to M2 could be seen as more incremental in comparison. One thing I do prefer is the single color-scale for volume on the M1, rather than the globes scanning back through the same scale with the high/low gain indicator on another ball with the M2.
Of course, my initial impressions may change with time. But for now, I'm more kind of curious and intrigued by the M2, rather than enamored at first listen