Myles:
You are right.

My problem is when I write about audio gear I have a tendency to lapse into hyperbole. I don't want it to sound like I'm pushing a particular manufacturer.
In a nutshell: one of the aspects of my business is that I have 3 (soon to be 4) CD labels. I've assembled what I consider to be a fairly evolved reference system in a dedicated listening room. I went out to CES this past January with the intention of checking out a new DAC for the system. I heard the Playback Designs, DCS, Soulution, and a bunch of other high end DACS - some sounded better than others but until I install a piece in my system I couldn't really judge. I was particularly intrigued by the new Playback Designs unit MPD-3. Jonathan Tinn put on a very impressive demo. Unfortunately the unit wasn't in production yet. The only DCS units that were of interest were the ones out of my budget. Essentially I was waiting for the PD unit to become available.
While I was "on hold" I stumbled across the Bricasti M1. It turned out that a contact of mine had just become a distributor for it and was able to get me a loaner. I spent about month with it after which I refused to give it back.
John Marks review is right on the money and to go into a lot of detail of the M1 would read like a rehash of his observations. Dynamics are phenomenal. There is a "rightness" to how it sounds. Best bass response I've ever heard. With the various filter settings you can find one that will lock in with your system. Once I found it the mids and upper frequencies were just spot on. It wasn't "tube-like". It just has a pure, natural sound. For the first time ever (and I'm a little embarrassed to write this) I literally found myself tapping my foot during a listening session. I never paid much attention to PRAT but I guess this has it. I've been using a Bryston BDP-1 for hi-rez playback. Feeding the M1 24/96 and 24/192 material is really something to be heard. Jaw dropping stuff. I did find that I had to adjust the filter setting for 24 bit files vs. Redbook. It would be nice if the M1 came with a remote control to do this on the fly but damn if I can't use the exercise.
I've heard second hand stories of the M1 going head to head in comparisons to other units often mentioned on this forum. Unless I have direct experience its meaningless to spin tales. The state of digital has advanced to the point that there is no one answer but the M1 is mine.
My understanding is that there is now (or about to be) a USB enabled unit available. The Bricasti guys are a bit laid back in updating their website. Perhaps because they are selling as many M1 units as they can make. By the way - the background info on Bricasti is correct. The two main players were ex-Harman guys who made a name for themselves in the proaudio world with their M7 reverb unit. The M1 is a collaboration with other former Harman employees who have set up their own shop. These are engineers who worked on the Mark Levinson gear. If you look at the stylings of the M1 you can see some of the Levinson DNA and I strongly suspect that carries over into the sonics as well. Its entirely built locally in Mass. - including the CNC routed chassis. At $8k its not an inexpensive proposition but you will feel pride in ownership from the construction quality.
The only downside to the M1 is that in my system, digital has surpassed my analog playback. Reality hit home immediately - the M1 has forced me to consider a new phono preamp. The search is already under way.
Ken Golden