I've caved in, bought the M2.
Compared to M1, my brief initial impression is the M2 out of the box sounded a bit thinner, but still very good.
Using the EQ changed all that. I've added gain to the Bass and Midbass EQ, and now all sounds good and even better than M1. Other than bass, I'm impressed how other frequencies, to my ears, remain pure and unaffected (unlike other DAPs or DACs which produces more 'artificial' sound when using their DSP).
I'm a very happy camper. My only gripe is ad hoc connection issues when on the go and using my phone as wifi hotspot.
My two-cents on your post,
and to all upgraders to Mojo 2.
I would suggest leave the EQ off for a week or two. That's unless you are outright wanting to recreate the Mojo (1) tonality of course. Or compensating for brighter headphones.
Anyway most press reviews of the Mojo 2 suggest it has better bass, and overall meatier sound than the Mojo.
I say this because I always found Chord upgrades to sound bright at first until I adjusted.
When I initally went from a Meridian Explorer to Chord Mojo it took about ten to fourteen days to adjust. After that I heard and located the bass as full, the tonal balance right, and everything in place. The Mojo was right and the Meridian Explorer was wrong. (The ME was right in a cheaper way I suppose.)
Before that, I found the Mojo sounded hollow and metallic, or thin as you describe the Mojo 2. Although initally I did notice it had more detail. Then within a few days I noticed it was smoother because it was clearer. (As opposed to the Meridian Explorer sounding smoother because it had more bass and mid-bass bloom. In other words, artificial warmth.)
When I bought the Hugo 2, it took a whole month to fully adjust. Life also felt too short not to listen constantly to the Hugo 2, so that was cool. At first listening to the Hugo 2 was like splinters of mostly, yellow, orange, and red light, were being fired. The new level of detail was blinding and bright; hence why it took a whole month. After that month though, bass on the Hugo 2 easily outclassed
the Mojo.
Same when I got TT2. It took about two weeks.
As with every upgrade, I could hear the improvements intially but I could not process it all as a whole.
Then when I started driving speakers directly with TT2, meaning no amplifier, I needed at least a week to adjust. More like three weeks to fully settle with it.
As I say, initially each upgrade sounded thinner and brighter.
After adjustment, the better DAC simply sounded better.
My last advice is, to hear your new DAC at its best as soon as possible, listen to some new music. Then you're not comparing the old and new DAC, on tracks that you know by heart.