I have no experience with the SMSL M500 MkIII DAC specifically but my $900-ish SMSL D400EX DAC is far superior to the $4000 Luxman or $2500 Wavelength DACs I once owned. I also prefer to the Chord Qutest I had in my system a couple years ago.
IMHO there are SEVERAL outstanding and reasonably priced DACs today that compete with or outperform many of the old guard audiophile brands. The Topping D90 is also very good.
But you typically have to explore beyond the old guard or bespoke audiophile approved brands. They have no pedigree and no audiophile cred - but that's fine by me!
