I'm still in the camp that is dubious that the M51 actually supports I2S-on-hdmi, but Channel Islands has an upcoming USB device that is multi-purpose. It has a built-in Wolfson DAC, spdif out, plus I2S out on either the HDMI connector or via the old Audio Alchemy mini-din. $695 from what was posted over on AudioCircle, and should be available in the reasonably near future. I'd guess that a diy solution for the hdmi connector might be a bit of a challenge since I think it uses LVDS - not impossible to diy, but not for the newbie.
What's the deal with the NAD M50 anyway? I can't find the product listing on the NAD site at all - searching for 'm50' doesnt' even return the M51 page despite it being mentioned. Is it an actual product, or is it vaporware? (not that I'm in the market for it, but was curious as to how they present the feature set.)