In the "More Amazing DAC's for Peanuts" thread, I posed a system building question around using one of the nicely featured, reasonably priced DAC's based on the ES9038Pro DAC chip as a cost-neutral replacement for an older DAC (in my case the SMSL M8a) and an analog preamp (Aragon Soundstage). I was hoping maybe someone had already gone down that path and had some insight, but didn't get a response that really helped me answer that question.
So, like a true audiophile, I set out to answer the question for myself using the tried-and-true method of buying another piece of equipment and seeing how it works out. The candidates I considered were the Sabaj D5, Topping DX7 Pro, and SMSL M500. I shopped around online and came up with a "preowned" red SMSL M500 from the SMSL factory store (sold through Amazon) for $339.
I received the unit a week ago and proceeded to replace the Aragon preamp and m8a with the M500. The first issue was that the SMSL supplied remote was dead as a doorstop (yes, I put new batteries in...). Fortunately someone has put the remote codes into the Logitech Harmony database, so I programmed one of my remotes and moved on to listening.
My system consists of two sources: an old windows pc connected via USB to the M500 and an old Pioneer Elite DVD/SACD player connected via coax. The M500 is connected via unbalanced outputs to a Rotel RB-991. The RB-991 has balanced inputs, but I have read several reviews that indicate that the unbalanced inputs sound better for that amp. I tried both ways coming out of the Aragon and reached the same conclusion. The RB-991 outputs to an Aton DLA6 switch box, which currently feed 5 DIY speakers of varying size and performance. As I use this rig for comparing and voicing speakers, I value high resolution and neutrality above anything else. Over the last few years, the SMSL-Aragon-Rotel-Aton setup has produced results that have held up well when I have designed speakers for others or demoed them at other venues on other equipment - so I am looking to retain similar tonal balance, but gain a little resolution and refinement from the dac upgrade.
When I first fired up the M500, it sounded a little "busy". Plenty of detail, but a little brash and less natural than the M8a-Aragon combo it replaced. Over the week, I am happy to report that it has settled down and I am now hearing the micro detail and textures in a way that is relaxed and cohesive. Tonal balance is comparable, but resolution is enhanced. This is a win - and there is a lot more space on my equipment rack.
This also has me thinking that if I can replace the RB-991 with something more modern with respect to power and space efficiency, maybe I don't even need an equipment rack or can get away with something much smaller...