I've been testing the Studio Master as you described. First, I compared it to a Shunyata Alpha on the PM Ki Ruby. Right from the start, the Studio Master revealed significantly more detail. The hi-hat was clearer, and vocal nuances were more distinct. However, it seemed to sacrifice some bass weight, which led me to set it aside after just a few tracks that I enjoyed. It didn't quite complement the amp.
Next, I tried it with the DAC, a PS Audio Directstream Sr. Here, it outshone the PS Audio AC12 in several aspects. Despite slightly less punch, the bass was tighter and more controlled. The overall sound was refined and natural, with instruments sounding more authentic. Ultimately, I opted for the AC12 for its robust bass, but missed the Studio Master's refined and detailed sound.
Moving on, I also compared the Studio Master to another Shunyata Alpha on my reference system. It made a noticeable difference at the DAC, particularly with my T+A DAC200, where it excelled in many areas. The soundstage expanded with greater width and depth, instrument placement was clearer, and micro-details were more vivid. Overall, it offered more detail across the spectrum: tighter, more informative bass and extremely detailed vocals.
In essence, the Studio Master exhibits lively energy in the mid-highs without causing fatigue—a very enjoyable characteristic. However, I do miss the contoured and robust bass lines of the Shunyata. With the Shunyata, I find myself wanting to crank up the volume, whereas with the Studio Master, I stop at a higher volume level, feeling that increasing it further might be too much due to its energetic mid-highs.
Finally, if you have a good price on the Studio Master, I would recommend giving it a try, especially at the digital front end.