I received my MHA 200 a couple weeks ago. The sound was very good and was dead quiet with all my headphones except my favorite ones, the 50mm open back model from Swansong Audio. These are very revealing, low impedance, high sensitivity (24 ohm/110ish dB) headphones that demand a really low noise floor. I've tried them with many headphone amps that are described as dead quiet with high sensitivity IEMs only to find they are not dead quiet with the Swansong Audio headphones. Maybe I'm spoiled, but noise, even if it's only audible between tracks, really bugs me.
Based on recommendations I read earlier in this thread, I picked up a pair of Mullard CV4024s that were matched for high gain, low noise and microphonics, and balanced triodes. Replacing the stock tubes with these reduced, but did not totally eliminate the audible tube noise. That left the 12BH7s. I was able to get some matched super low noise (phono grade) NOS RCA 12BH7As. After replacing the stock 12BH7As with the RCAs the MHA was dead quiet even with the Swansong Audio headphones. With the new tubes, the MHA200's sound is fuller, smoother, more dynamic, and more resolving. All in all, a much more pleasing listening experience. One I'm very satisfied with and feel the amp was worth the wait.
The MHA 200 is being fed by a PS Audio DirectStream DAC with the network bridge via balanced connections. Music sources are the PS Audio PerfectWave SACD transport and a music server running ROON. The volume control on the MHA 200 is set a little past the detent, around 1 o'clock and left there. Volume is controlled by the DAC.