I found the M3 to sound very nice in my system (Sim740P+Pass250.8+SpendorD9) but if the preferred sound is '
like the more natural sound (to my ears) of NOS R2R DACs' I personally didn't find the M3 to offer that compared to the Mystique v3; assuming the Evo is another step up from the v3 then I would question the need to upgrade the Evo to start; at least if comparing it to the M3.
Of the DACs I've tried at home I found the M3 to offer a similar sound if not more modern to the Berkeley Alpha DAC Series 2 which I tried years ago when it was the hot DAC to have. I ended up selling it for the slightly less resolving Sim380DSD, but one I thought offered a more analog like 'meat on the bones' style of sound. I thought the M3 took dynamics and detail to another level over the 380DSD but I personally found it offered a slightly lean presentation.
I also tried the latest version of the RME ADI and found that sound signature more inline with the M3 than the M3 is with the Mystique.
The M3's analogue out is excellent though, and when fed direct into my Pass amp came very close to with my pre (which is ~2x the M3's price) so from that perspective it is a bargain. Add $1K at initial purchase time for the streamer and that also is a bargain, as I just paid way more than that for the M5 to mate with the v3. So for the M3's price I think it certainly offers all around good value, I personally think it is just a question of the type of sound one is looking for...
Of the DACs I've tried at home I found the M3 to offer a similar sound if not more modern to the Berkeley Alpha DAC Series 2 which I tried years ago when it was the hot DAC to have. I ended up selling it for the slightly less resolving Sim380DSD, but one I thought offered a more analog like 'meat on the bones' style of sound. I thought the M3 took dynamics and detail to another level over the 380DSD but I personally found it offered a slightly lean presentation.
I also tried the latest version of the RME ADI and found that sound signature more inline with the M3 than the M3 is with the Mystique.
The M3's analogue out is excellent though, and when fed direct into my Pass amp came very close to with my pre (which is ~2x the M3's price) so from that perspective it is a bargain. Add $1K at initial purchase time for the streamer and that also is a bargain, as I just paid way more than that for the M5 to mate with the v3. So for the M3's price I think it certainly offers all around good value, I personally think it is just a question of the type of sound one is looking for...