hifiman,
Right on, my friend. My pal has been a significant participant in the DIY forum on Adcom upgrades and claims the properly modded 5400 is a truly refined amplifier at a small cost.
I tell ya, when I got my DNA .05 a couple of years ago, merely on a whim, I was literally floored when I swapped out my CJ MF-80, which had been upgraded by Richard Thalman, and inserted the McCormack amp in its place. OMG, from the first measure of the music, I fell in love with the power, speed and extension of the amp. It is just profoundly musical.
Last summer I got a First Watt F5 in a trade. I always wanted a Pass amp, but they are quite pricey. I will say that the F5 is more revealing of inner details of music and has a unique crystal clarity... ultimately being, in my view, a very neutral amp. I use both amps to drive my Spatial Audio M4 Triode Master open baffle speakers, and can't say that I prefer one amp over the other. The F5 yields a pure glimpse of the music but does not approach the muscularity of the sound of the McCormack amp. I love both amps, no question. We will see how the modded 5400 compared to the McCormack amp.