To my mind, M400 Plus stacks up against ~800 USD DAPs/DACs pretty well. M400 Plus even sounds well beyond its price.Though I think this DACAmp does not sound neutral, it has an energetic, vivid sound signature with tight bass and detailed highs. M400 Plus's signature is close to the W-shaped one, I think. As for comparisons, for me M400 Plus is technically much better than Shanling M6 Pro (more body and details, no sibilance, tighter bass, wider soundstage), FiiO M11 (more details, tighter bass, wider soundstage), AK Kann Cube Alpha (more details on mids, tighter bass, wider soundstage). It's even on par with LPGT if to compare them from memory. Actually, I didn't find LPGT anything extraordinary in terms of the SQ, and still think that my YinLvMei A2 is quite comparable to it with a different signature and accents, of course.
In terms of the output power, the M400 Plus successfully competes with AK Kann Cube Alpha and runs circles around ~1000 USD DAPs (with very few exceptions. like QLS361, I think)