One needs to audition at home equipment of interest. Everyone has an opinion and often not based on data.
@delm, agreed!
Comparing internals is not the best way to compare components, at least when you factor in the magic (in my opinion) inside Meitner/EMM DACs is Ed Meitner's custom/proprietary tech; i.e., 16xDSD MDAC2 DAC and MDAT2 DSP.
I replaced a similar priced R2R NOS DAC that was jammed full of components including 5 different and very robust power supplies, etc... and to my ears I much preferred the sound of the MA3.
The Computer Audiophile has reviewed both the MA3 and DAC 200 and liked both, without comparing them directly.
https://audiophilestyle.com/ca/reviews/meitner-audio-ma3-integrated-da-converter-review-r1086/
https://audiophilestyle.com/ca/reviews/ta-dac-200-da-converter-review-r1135/
@blisshifi, I agree the MA3's internal streamer is not the greatest, I prefer the sound of the MA3 using its AES input with a Bricasti M5.