At least it started that way I believe - same DAC chip and similar implementation with better power supply, additional inputs and higher phone output. Seems like there were tweak improvements soon afterwards (or likely always planned), but the campaign price jump from the Geek Out (USB plug-in product) wasn't substantial. Then the upgrades started and as the information is spread across the perk listings, the campaign announcements, the comment timeline, several Geek Force (Temple) threads across forums, Geek Voice voting polls, a Computer Audiophile thread or two and possibly others (then add a non-finished product) I'm not sure anyone knows what's in common between the Pulse and Out any longer or exactly what we're going to end up with. Then again this is a 'kickstarting' campaign. It's a risk.
Like JP I'm still hopeful overall. That's mostly because of Tyll's online, and several people at RMAF offline, comments on the Out. And well the cheap... at least beginning... prices. I jumped in at $249 hoping for an inexpensive DSD capable DAC. Once the balanced option was raised I considered the headphone out may be of use in my case. I have two orders in. One balanced base and one balanced maxed. One about $300 and one about $900. Will compare and possibly keep for different uses or sell one. Generally, I think they're giving their backers what they want. If this works out all the better (I never expected balanced option for example), but the backers are of a different breed no doubt. Features, features, features with sound quality rarely mentioned. 'Clock upgrade likely more significant than PS', etc. The 'Geek' name seems fit. Possible adapterphobia as a Pulse S may soon to arrive (mono/mono design but with RCA outs as people don't want to use XLR to RCA adapters). At this point at least most of my complaints are with their community, less HL itself. I did though call their news media referral program 'creepy' and didn't get the best response from one of their crew. He seemed to be having a bad night.
We'll see. Supposedly another upgrade hitting tonight.