Regarding the What Hifi review, I've compared side by side Pioneer U-05 and the Audiolab M-Dac In dac mode (feeding a Violectric HPA-V200)... And I've kept the Pioneer.
I never liked the M-Dac HPA, it was so boring, so It's no match neither...
I've told it before and will told it again, I think that the Pioneer U-05 HPA sounds much better in balanced mode. It does't have enough power for orthodynamics such as Audeze or Fostex T50RP mods. HPA is more on the warm side, but without sacrificing details, I use NoS, Short filters, and maximum lock range available. I've sold the Violectric HPA-V200 for my use with the Fostex TH-900. But would have kept it for IEMs or orthodynamics use.
Although I use id much less, dac output sounds clean, neutral, maybe a little analitycal/cold but not really thin. It's not boring and I find it has excellent dynamic. it's fairly transparent and respect the character of the amplifer. As I told in intro, I prefer the pioneer over my ex Audiolab (but that's not a huge gap, just a matter of preference), and it's much better that the Integrated dac of my Rotel RA-1570 (much bigger gap
).