I haven't heard this yet as a Hegel dealer. Tariffs created a lot of uncertainty around shipments. If it is anything like what is in the H600 it will be very similar in sound to the Audiobyte HydraVox (I know...could I pick a more obscure reference).
I had a customer in doing a demo of the HydraVox in the Hegel and we switched back and fourth between the Hegel internal and the HydraVox and they were insanely close. The Hegel had better central image depth. The HydraVox had a bit more scale.
Little details on the Audiobyte (now discontinued) was a $4500 FPGA DAC and is produced by a sister company of Rockne. The unit is neutral, highly detailed with Rockna's signature massive soundstage. It lacks a bit of depth. It is a touch warmer and maybe a hair less detailed than the Chord TT2 but the Chord's image barely extends beyond the speakers in terms of height wand width the Audiobyte Sounds massive. The Chord has the best depth of any DAC in this price range.
I would expect the Hegel to have very close to TT2 level detail, be a bit less bright compared to Chord with a much bigger soundstage in terms of height and width and somewhat inferior depth. This would make it a very fair compromise in its price class.
Again, I am inferring this based on my experience with the H600. That said, you just reminded me I need to get one of these and I am going to go send the PO in now for it.
Full disclosure, I am a Hegel Dealer, former Chord Dealer (I recently dropped the line) and obviously an Audiobyte dealer.