I own the Musical Fidelity X-150 and a DacMagic. While this is a 'headphone' forum, my Citypulse EF 3.01 doesn't excite me as much as my hi-fi does, so I'll talk about my experiences using that.
I auditioned the new MF range alongside the X-Ray V8 and Triple-X PSU, through the XT-100 amp as I was unable to lug mine in (back issues).
Sources
NAD 525BEE CD Player (20 bit DAC)
NAD 545BEE CD Player (24 bit DAC)
Musical Fidelity X-Ray V8 w/ Triple-X PSU
Musical Fidelity M1 CDT
Amp
Musical Fidelity XT-100
various Denon/Marantz receivers/amps
Speakers
B&W 683
B&W 684
Focal Chorus 714V
Focal Chorus 716V
Focal Chorus 726V
Focal Chorus 816V
Focal Chorus 826V
Orpheus Apollo 'A'
Richter Wizard IV
Richter Dragon IV
I started off auditioning the X-Ray V8 and Triple-X, as they were available at half their original RRP, and matched the Amp I own well. This through the XT-100, as after a few minutes amp switching, nothing sounded as smooth, open, musical and detailed as the MF amp.
I then selected sources. The 525 resolved noticably less detail than the 545, so was quickly dropped from the A/B testing, with the X-Ray V8 up next. Sadly this was a CD player I wanted to love. At $1,499 AUD for the CDP+PSU (down from $2,999), it seemed like a bargain. I loved the sonic signature, loved the cohesion, placement and musicality. I wanted to get this for my wife's birthday. Yet there was one thing stopping me. The NAD didn't sound much different. In an untreated room, the transients were more coherent and clearer on the X-Ray, but the difference wasn't worth close to $1,000 - in fact, both myself and the salesperson commented that we could barely hear any difference - when the salesperson says it's not worth spending the money on the more expensive item, you know they're close!
Sitting with the X-Ray, XT-100 and a few CD's of my own (Fiona Apple - Tidal, The Roots - Rising Down, Four Tet - Panse), we switched to speaker choices. I'm looking to upgrade VAF DC-7's, but not flush and have a heap of medical expenses.
First to go were the B&W's. They sounded closed in and withdrawn, pleasant treble. The 683's actually sounded worse than the 684's in the room they were in - bass was a little 'runny' and bloated. The Wizard IV went next. A big, uncultured sound - probably okay for AC/DC but had very weak control over the music, no headroom etc. Quite harsh with the CD's I tested with, even though Fiona Apple is pretty forgiving. The Orpheus was similar to the Dragon IV - more control than the Wizard, less bloat, easy soundstaging, but inaccurate placement and no natural sparkle in the treble. A little on the warm side, good for guitar riffs, but no good for strings.
This brought me onto the Focals, which ended up sounding similar to the VAF's I own and the Monitor Audio Silver RS6, RS8, RX6 and GS20's which I've auditioned, as they partner well with the smooth MF gear to produce something not too bright, but having enjoyable openness and sparkle at the top end, controlled bass and clear vocals. The 714V's were a little withdrawn and compressed, the 716V's were better - more musical, while the 726V's sounded better on some stuff and worse on others - less bass control led to bloatedness and smearing on The Roots - Birthday Girl. At this point, nothing was an upgrade on the VAFs, and I was a little disappointed to say the least, so I tried the 816V. It had the clarity of the 716V and the control, but with the extra presence of the 726V. Getting somewhere, I listened to the bigger brother, the 826V. This suddenly felt better. The 3-way nature of the 826V gave the tweeter less of a load, and gave separation that was lacking elsewhere, but still decent presence.
Unfortunately I can't buy my wife speakers for her birthday, so I went off for a think, and a coffee. While wondering if I was feeling indecisive, I bought a cycle trainer. Problem wasn't me then!
Coming back into the shop, I priced out the M1 DAC-A ($799) and CDT ($999), and Len Wallis quickly dropped them into the demo room for an audition. A/Bing with the X-Ray V3, everything was there that was missing with the DacMagic and the previous 'no standalone DAC' setups. The toes were tapping, the lo-fi of The Roots became attractive again, the salesperson said "wow, that sounds more expensive than most of the 5 figure stuff we sell" and we chucked some Pearl Jam on - Immortality. Authority in spades, soundstage opened right up and headroom - the whole picture expanded beyond words. The CDT probably isn't necessary as a vast improvement on the NAD player I own, but it's a perfect match for the DAC, and the DAC improved almost every speaker in the room, except the 726's, which became too forward and a little brash. This DAC had such clarity, smoothness and detail that I've stopped wanting a Bryston BDA-1 or Audiolab M-DAC. I'm delighted with the M1 DAC, and stunned by just how much of an improvement it is on the Cambridge Audio DacMagic. I'll be listening to everything in my collection as soon as my wife unwraps it!
Haven't tried the USB on it - all this was coax. I also understand that this may sound totally different to other ears.
Sorry for the overlong review, but wanted to give context!