It is a very good dac and competitive with many good dacs, I heard it and it outperformed the Bryston Dac.
I did not hear it as a preamp, just as a dac. The Hegel throws a big sound stage and is quite warm and involving.
If you need the preamp functions and a good dac, it is a nice package.
I don't know how it compares with other dacs that are way more expensive. I did prefer the M2 Young over the HD 20,
there is a new HD 11 which offers a new 32 bit dac but no preamp section. I am waiting to hear that one.