I bought one of the first PM while in Australia, and connected to my BeoVox Pentas with a Rotel IcePower amp, it really rocks.
I had a DAC Magic before, and I would say that the only audible difference is in the channel separation (slightly less on the PM), but all the details are there, and to me this is the cheapest way to use BeoLabs with Airplay AND remote control from your Beo4. If you have a Masterlink setup and with Airplay, you can get perfect sound sync with your Masterlink network , that's how I use my PM.
I am no fan of its design, but painting it in another color is on my to-do list..I'm sure it will already look better after that!