Guys, it is a Digital-to-Analog converter (NAD do *not* market it as a preamp), not an amplifier - I'm a little gobsmacked by the two comments above decrying the lack of analog inputs - what would you be trying to achieve exactly ?? If you want a dedicated analog preamp, NAD will happily sell you one for less than the asking price of the M51 (albeit in a much less attractive case than their Masters series components):
http://nadelectronics.com/products/hifi-amplifiers/C-165BEE-Stereo-Preamplifier
fwiw, the reviews on that preamp are mostly positive - obviously an audition would be the only way to know for sure if its what you want.
In the case of the C390DD, I could understand such comments - you have to shell out extra money for one of their analog MDC modules to use these 'digital direct' amps with an analog source - but it makes no sense to make that criticism of a DAC. Am I missing something here ? :scratch2:
Edit : NAD dont promote the M51 as an *traditional* preamp -
M51 is a fully functional digital preamp with seven digital inputs and one of the world's best volume controls. As a 'preamp' it is totally noise and distortion free because all switching and volume control is done in the digital domain. There are no analogue circuits except for the Class A buffer at the output of the DAC. While input selection is available from a front panel control, volume can only be selected via remote control. The supplied IR remote also features controls for NAD's matching M50 Digital Music Player. Serial control is available via RS-232 IR and 12V trigger inputs allow the M51 to fully integrate with advanced automation systems.