Before I give you my impression between the Bryston BDA-2 and NAD M51, I want to clearly state that they're both equally winners, but also significantly different.
The first thing I noticed on the Bryston was that the bass is fatter and more upfront, which kind of surprised me as I wasn't expecting bass to be more thumpy. It's very fun and toe-tapping. The Bryston portays depth of music a tad bit more coherently than the NAD. The main standout after a bit more listening, however, is how much more the high frequency is snappier and present (and slightly faster). Problem is, the highs are a bit too aggressive for my already very revealing rig (Highly optimized McIntosh MC225 -> HD800/HE6). I can clearly see why the BDA-2 is more geared towards the pro market and professional studios. Very precise, but a bit too dry and sterile at times.
The NAD on the other hand excels in tonal balance (it makes the BDA2 sound ever-so slightly U-shaped when truly it is not). The NAD provides almost as much resolution but not quite on par for the crispy highs of the BDA2. The NAD portrays a more realistic soundspace with a slightly wider scene. The vocals are the main standout, where the timbre is more accurate for both male and especially female; and on most well mastered tracks, the singer is more realistically thrown straight in front of you (the Bryston often sounded as if the singer was a few feet in front of me but the voice was being projected under my chin or over my eyebrows, as weird as that sounds).
I believe the NAD is more suitable for most home systems and for a more natural musical experience. If you want more precision, the Bryston is slightly more refined. I can almost definitely say the Bryston would be better with an Audez'e rig.
Ultimately, I think it's a case of audiophile versus professional market products. In more cases than the NAD, I truly believe that the Bryston would be more inadequate for an optimal music listening system.
Either way, you can't go wrong, they're both canadian.. err, fantastic sounding dacs. I don't know if they're on par with the PWD2 and other higher level dacs, but it's really a matter of synergy at this point in my opinion.
Lastly, even though this is mostly unimportant, I'd give the nod to the NAD for build quality. Unfortunately the Bryston's rear pannel connectors aren't perfectly symmetrical and the infrared remote light was wedged in the casing.