the PWD is better off paired with an active line stage or an integrated amp rather than direct to power amp. The M51, on the other hand will plug directly into the NC400 balanced inputs and not miss a beat.
I didn't have the opportunity to listen to the NAD M51 before I got my PS Audio PWD MKII, but I heard it's really good. I am interested Wilsynet why you think the M51 is better direct to amp than the PWD. I'm streaming FLAC (and internet radio) from my home media server (on the other side of the house in the basement) via a CAT6 ethernet cable to my PWD, balanced out to a pair of NC400 mono's bi-wired to a pair of Salk SS8's. The sound is amazing and has not left me wanting for anything.
The ability to stream over my network directly to my DAC is huge. I can sit on my couch with my iPad, queue up a bunch of music, read liner notes, surf the web, all while the DAC just does it's thing with the music server via the Bridge. No fuss. No computer sitting in my living room I need to deal with or look at (besides the iPad of course which is just a remote control).
If I had a pre of high enough quality to put it in line between the PWD and the NCore's, I would give it a try. From what I've heard from other PWD owners, it's a matter of taste. Since I'm very happy with the sound, I'm inclined to keep it simple and put more money into new hi-rez music and just sit back and enjoy.