OK boys and girls, I spent an hour with them last night side by side, and here's the drill on the comparison:
The O2 by far is more clear, neutral and detailed. The M-Stage is a dark sounding amp, with a more "tube like" character in a sense. I would choose the O2 hands down because of its truly "transparent" clarity, and its seeming incredible ability to really pump out each and every detail of the recording.
BUT -
The problem I am having with the O2 is that they are not really able to power the K702 as well as the M-Stage. At least, that is how it seems to me, just from a "hearing" perspective. This is what I mean:
I LOVE the O2. But there is simply not enough depth and body during more complex parts of songs as you hear with the M-Stage. When a song really gets going, it seems that part of the bottom drops out, whereas the M-Stage has lots of depth and "uumph," though at with the sacrifice of that pristine clarity and just superb detail that the O2 has. From my experience with amps and the K702, I am thinking as a relative newbie anyway, that this means the K702 is not being properly driven with the O2. At least, that is the sound: it seems as if the M-Stage is pumping that K702 full of energy and moving the stuff around in there, whereas the O2 gives it enough juice to play well, but not really "groove" and shake its booty around.
Would love comments, but consider the O2 up for sale as of this moment.