The key difference is the 'VMV' positioned as the flagship product line of SMSL, which should theoretically be reflected in its overall engineering and premium components. SMSL VMV T2 features two hq linear power supply units onboard.
SMSL PL200T, however, does not have a built-in linear power supply, but the manufacturer has included extensive upgrade options for the PL200T based on user preferences.
In this test, SMSL PL200T is powered by a budget chinese linear power supply (BrzHiFi 5v, 1a), priced at ~$30.
To my ears, both devices share a similar sound signature (as expected) with differences lying in nuances.
VMV T2 delivers noticeably more substantial and denser sound. However, both units set an impressively high performance bar. Imo, these differences can be related to power supply. T2's dual built-in high-q linear PSUs are inherently superior to the external budget PSU used with the PL200T during this test.
My conclusions and recommendations
The price difference between the two is 2x.
If budget isn't a primary concern and you prefer a complete out-of-the-box solution - take the VMV T2.
If you favor the PL200T's design, it can be upgraded to T2's sound level with a high-quality external linear PSU.
Regarding external master clocks
Both units support external master clock input. The real questions are whether you need it and how much you're willing to invest.
Premium clocks (with phase noise -110 dBc or better) will elevate the already exceptional performance further. But this means additional investments starting from $1,500 and upwards.
I'm using an entry-level OCXO master clock (~$200) and can hear a subtle, but positive improvement in my system.
