Day 2 and I am loving this DAP so far!
The overall sound is warm tilted neutral, but not as warm as the original M8 (from memory), SP3000T, or N6iii C201 card. Timbre to my ears is very natural while being well balanced between an organic sound and staying revealing and dynamic as well. It's not too smooth, not too edgy... sort of right in the middle for me. There is also no turbo mode which was present on some of their others daps, or I am blind and can't find it.
Transistor mode (SS) - most punchy, dynamic, hardest hitting... definitely better if you want a more neutral but slightly warm tilted sound with a defined edge and solid clarity as well. This also sounds significantly louder than the tube output so I have to drop the volume down quite a bit on this.
Triode tube mode - slightly warmer and fuller than transistor with a smoother and more relaxed upper mid range, reminds me of the hybrid tube mode on the SP3000T in that it feels like a SS/tube hybrid. (my personal favorite as of this moment)
Ultra Linear tube mode - the warmest, fullest, and slowest sounding of the bunch. Sounds great for more mid focused music but for faster more PRaT type music I find it can be a little on the slower side.
The diff between SS/tube modes is easily audible, and the difference between Triode/UL is a little more subtle but it's definitely there. All modes have great dynamics and a pretty well separated and layered soundstage but overall it is still more on the intimate side and more in-head rather than staging further out of head. It's probably not as spherical or holographic as the SP3000T. My DX340 is also out with a friend but for my ears the M8T stronger (more preferable for me) bass response, warmer and lusher mid range, and a bit more edgy and airy treble. It's not as smooth overall as the DX340 DAC nor does it stage as big either.
I briefly tested the LO today and it still sounds fairly good to me despite it just being software based. I do feel from a pure LO circuit in the SP3000M or DX340 I can benefit with extra spacing/layering/depth but it is not a drastic difference.
Overall so far I am super impressed with this, and I really am struggling to believe that this was only $1499... really happy with this buy. I'll report back over time if anything changes but so far so good