Honestly?
You really have to listen and compare for yourself, too many variables
honestly to give a definitive "which is best" answer.

This might help though.
Someone I know had the M1, tried the Rega and didn't like it.
Too bright and "in your face" he said.
This is unusual actually as the Rega is known for sounding quite
analogue like.

To me it was a case of his room and speakers not playing nice with the
Rega and just emphathises the need to hear it for your self.

Both are good Dacs no doubt and probably wont sound "night and day"
different. Might just be a case of which presentation you prefer.
The Rega Dac gets a LOT more glowing reviews than the MF, so I'd take
that into account.

I use a modified Caiman Dac myself but have Rega RS3 speakers. The Rega
sound is fantastic, very "real" sounding, very easy to just forget
yourself and just flow into the music.

Sound like something you'd like?
Get a demo and hear for yourself, your ears are different! :)


-- 
Gazjam
------------------------------------------------------------------------
Gazjam's Profile: http://forums.slimdevices.com/member.php?userid=18604
View this thread: http://forums.slimdevices.com/showthread.php?t=91949

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