Well, I know I'm pretty late to the party, but I did get this Mousai DAC in my hands after sales had closed (or close to the end date, if I'm remembering incorrectly) and, as mentioned, have been busy lately. I finally got some extra time in with the Mousai MSD192 DAC to share some thoughts and maybe basic measurements in the near future if time permits. Long story short is that the DAC is pretty good and doesn't do a whole lot wrong for the price.

Device construction seems solid. It's not entirely seamlessly put together, but it's close enough. Looks decent. The little screen is a nice tough when it comes to having a visual reference of what input you're running at at what sample rate. Size is reasonable. Generally it checks all the non-sound-related boxes. I guess if I had to nitpick, I'd ask for an optical input on the DAC for those that use it.

In terms of sound, I agree that it's a relatively neutral sounding DAC. It's not the hardest hitting, meatiest sounding DAC I've heard, nor is it the most resolving, detailed, or even aggressive DAC I've heard. It's a little on the polite side in a lot of regards. Macro and micro dynamics are a bit soft, partly due to the clean low-end characteristic and somewhat slightly soft, slightly grey overall sound. I sense a slight touch of smearing with micro dynamics and fast inner details and transients, but nothing that really gets in the way of anything. Going back to the low-end, it is clean and tight but at times can lack pitch and texture. Generally it is still pretty easy to follow along and pick out the elements, thanks to the clean and neutral sound, but some recordings sound a bit too clean and indistinct below.

Despite being relatively clean and somewhat on the laid-back side of neutral, I do think I hear a touch of hash to the sound. Slightly nasally. I know that might seem a bit contradictory. Might just be me. It's never in-your-face or offensive in regards to that or anything else, though. The sense of space and air is decent but nothing super large or particularly holographic sounding. If anything, it can be a touch 2D sounding, especially on vocals.

I think my tastes sit more in the Gamma2 camp, which is a darker and, IIRC, more dynamic sounding DAC despite using the same or similar Wolfson chip. The Gamma2 also used a couple digital filters I liked more. I took a quick peek at the Mousai's square wave response, and it seems to likely be using an 8x oversampling MP filter. It's also worth mentioning the Gamma2 I sampled didn't have the ASRC in the DAC.

Still, the Mousai MSD192 is a good choice in the price range it occupies. It's enjoyable to listen to, relatively neutral, somewhat laid-back in a neutral sense, and non-offensive in most ways. From a physical standpoint, it feels and looks solid. Relative to some nicer DACs or DACs that excel in certain categories, sure, the Mousai isn't the end-all, be-all, but it occupies a nice middle ground in its segment. Recommended if you think this might fit what you're looking for.

Thanks to Massdrop for giving me a chance to test this DAC! I know they're not for sale currently, but if they do pop up again or you're looking at a used unit, maybe this will help decide if it's right for you.