I have a M51 and its a great DAC.... I never used it as a pre but it is the best sounding "source" component I've ever owned. It also has the best digital volume I've ever used. In fact the only gripe I have is that it doesn't have some sort of volume control on the front panel, a serious omission if you want to call something a "preamp" . I use a pre without a remote volume so the M51's remote does come in handy. I think they would have sold far more if they had a front panel volume.
It's unlikely I'll ever do away with my preamp so the M51 is perfect for me... If you think it will serve preamp duty for your digital sources the 510 may be better.
Spearit Sound always has demos and factory refubed NAD gear at great prices....you should check them out.