I have a pair of M200 which was handed down to me by a friend.
In it's original state the M200 sounded good.

I suspected the M200 would be even better with some simple mods.

The first thing I did was to change the capacitors in the crossover. Only the capacitor in the tweeter circuit was changed. I swapped the puny original cap for a ClarityCap SA.

The performance after the cap change has now elevated the "multimedia" status of the M200 to a "hifi" status. The improvement in performance is very significant.

The next mod was to change the internal wiring. Better wires were used. Again there was some improvement - subtle but noticeable.

Finally, the built-in amp was bypassed. I now use an old Cyrus 1 (25w/c) for amplification.

The end result has been very satisfying. The speaker now sound like a speaker many more times its price. I can listen to it for hours without fatigue. The midrange sounds magical, luscious. Voices come across with great emotion.

The capacitor change has the most significant effect on the speakers. Clear, detailed yet warm and musical. A good external amp enhances these effects to another level of performance.

A friend of mine recently bought the M200mkII. After listening to it, I can say I have no desire to upgrade to the mkII or mkIII version .... unless I intend to mod them as well.

BTW, I also have a modded Sonus Faber Concerto powered by a 175w amp as my main system.