Phasure has similar open, extended top, slightly on the thin side... Playback has bigger,weightier, slightly darker sound.
This is pretty much exactly what I felt when I first compared the NOS1 with my PM Model Two. But two things have happened to change the sound of the NOS1 more in-line with my preferences: 1) it's burned-in 2) I'm now using Special Mode (very, very important to get the NOS1 sounding tonally 'right').
Of course, the MPS-5 is a supposedly superb DAC. At this level I suspect we're in the realm of personal preferences more than anything else. FWIW, I 'hung-on' to the sound of my Model Two for quite a while after I had the NOS1. But right now, I prefer the sound of the NOS1. And I never thought I would say that of any DAC on the planet.
I've said this before, but I think it's worth mentioning again. I think the Pacific Microsonics Model Two is one of (if not
the) best digital components ever made. But it is just very difficult to interface to a PC. Here's an experiment I quickly did before dismantling my main hifi (to get the room re-wired). I fed the output of the NOS1 into the ADC/DAC of the Model Two. And you know what, it sounded pretty much identical to the NOS1...
Mani.